Philippine GDP Growth Exceeds 6% for a Ninth Consecutive Quarter

The Philippine economy grew more than 6 percent for a ninth consecutive quarter, cementing its position as one of the fastest-expanding in the world.

Big Picture

The Philippines is emerging as one of this decade’s economic stars with the World Bank predicting growth of more than 6 percent until 2019, underpinned by an ambitious infrastructure building program and a young and growing population. President Rodrigo Duterte has secured loans from China and Japan to help finance $180 billion of spending on projects such as the capital’s first subway and a network of railways and highways across the archipelago.

More than $50 billion of remittances and outsourcing revenue a year is helping support consumer spending, and luring retailers such as home furnishing giant Ikea. The central bank has so far kept interest rates at a record low, bolstering spending, but may be persuaded to tighten policy next year as currency weakness adds to pressure on inflation. The peso has dropped to an 11-year low this year and is the worst performing unit in Asia.

Other Details

  • Consumer spending, which makes up about 70 percent of GDP, gained 4.5 percent from a year earlier
  • Government spending rose 8.3 percent
  • Capital formation investment increased 6.6 percent
    Key Points
    • Gross domestic product increased 6.9 percent in the third quarter from a year earlier, the Philippine Statistics Authority said in Manila Thursday, after expanding a revised 6.7 percent in the previous three months
    • The median estimate of 17 economists surveyed by Bloomberg was for growth of 6.6 percent

    More From this publisher : HERE ; This post was curated using : TrendingTraffic

      Recommended Products

    • Commission Code Inside The Commission Code training I'm going to show you how to expand your business using Twitter as a platform to generate more customers.
    • Pitchmaker Xmas Special Pitchmaker - VSL creation made easy
    • Lifetime Studio FX Professional Lifetime Bundle of Pixel Studio FX and Social Studio FX. Professional version. Please note you *must* have purchased Lifetime Studio FX or this will not work.
    • SociLive Pro 1. Live Streaming Notification send email, SMS 2. Facebook LiveStreaming Notification Post in Twitter, Tumblr, Reddit, LinkedIn 3. Intro Video Creation 4. Youtube Video Analytics 5. Youtube Channel Analytics

    Tags: business china Consumer Spending Currency GDP Infrastructure Interest Rates Japan Manila markets Philippines World Bank

    Related Post "Philippine GDP Growth Exceeds 6% for a Ninth Consecutive Quarter"

    It’s that time again to remind everyone what the end of net neutrality could look like
    FCC Chairman Ajit Pai.Image: MICHAEL REYNOLDS/EPA/REX/ShutterstockAn oldie,
    Gorgeous library’s bookshelves turn out to mostly be fake
    Image: AFP/Getty ImagesThe futuristic library that went