GDP grows 6.9% in Q3, beats forecasts


THE Philippine economy grew at a solid pace of 6.9 percent in the third quarter from a year earlier, accelerating from the revised 6.7 percent growth in the second quarter, driven by higher exports and increased public spending, official data showed on Thursday.

The third quarter gross domestic product (GDP) growth surpassed the 6.3 percent to 6.6 percent range forecast by private analysts polled earlier by The Manila Times.

Compared with the year-earlier growth of 7.1 percent, the pace of expansion slowed in the third quarter this year.

For the first nine months of the year, the economy grew by 6.7 percent, slower than the 7.1 percent recorded in the first three quarters of 2016, data released by the Philippine Statistics Authority showed.

The full-year growth target set by the government is within 6.5 percent to 7.5 percent. MAYVELIN U. CARABALLO



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