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[3rd Quarter GDP] Philippines fastest-growing economy in SE Asia

The Philippines remains as Southeast Asia’s fastest-growing economy, after the National Statistical Coordination Board (NSCB) announced earlier today that the Philippine economy grew 7.0% in the 3rd quarter.

The country’s Gross Domestic Product (GDP) rose 7.0% in the July-September period from a year earlier, down from the 7.6% GDP growth in 2nd quarter.

Still the Philippines remains to be Southeast Asia’s fastest-growing economy. Singapore, for example, booked a 5.8% GDP growth in the same period.

Indonesia grew 5.62% in the 3rd quarter of 2013, while Malaysia recorded a 5.0% year-on-year GDP growth in the same period. Thailand‘s economy, meanwhile, slowed to 2.7% year-on-year in the same period.

Drivers of economic growth

The Philippine economy registered a 1.1% quarterly growth from the previous three months. Private consumption was still high, rising 6.2% from a year earlier, while government spending also increased by 4.6%.

In terms of economic sector growth, the Industrial sector led the gains with an 8.2% quarterly growth from a year earlier, down from the 10.3% growth registered in the preceding quarter. The Construction sector also grew, albeit at a much slower pace at 4.7%.

Impact of typhoon Yolanda

The Philippines’ GDP growth still has not accounted for the impact of typhoon Yolanda (Haiyan) which wreaked havoc in the Philippines in November 2013.

According to the National Economic Development Authority (NEDA), the effects of the typhoon in the 4th Quarter GDP of the Philippines may be substantial since the affected regions of Leyte, Samar, Panay and Central Visayas contribute as much as 12% to the country’s GDP.

Socioeconomic Planning Secretary Arsenio Balisacan said the typhoon may negatively affect the fourth quarter GDP growth by a reduction of between .3% and .8%. The country’s 4th quarter GDP may expand between 4.1% and 5.9%, according to Balisacan.

The Philippines has so far recorded a year-to-date GDP growth of 7.4%, from the start of the year until September.

Balisacan explains that the government still expects full-year Philippine GDP in 2013 “to come close to 7.0%”.

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