First green shoots of economic recovery in Philippines

MANILA – Despite the reimposition of strict Covid-19 lockdowns and a laggard vaccination rollout, the Philippines managed to post a better-than-expected growth rate in the third quarter.

On Tuesday, the Philippine Statistics Authority reported 7.1% gross domestic product (GDP) growth in the third quarter of the year, placing the country well on the path to meeting its target of 4-5% GDP growth this year.

Although lower than the 12% growth posted in the second quarter, the latest growth numbers were significantly higher than projections by industry analysts, who expected an under 4% growth rate due to a surge in Delta variant Covid-19 cases and the reimposition of Enhanced Community Quarantine (ECQ) in major economic hubs.

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