Below forecast, Q2, yr-earlier
The Philippine economy grew 5.3 percent year-on-year in the third quarter of 2014, the slowest pace for a three-month period since the fourth quarter of 2009, newly released official figures show.
The rate of expansion in gross domestic product (GDP) for the July-September period released by the National Economic and Development Authority (NEDA) and the Philippine Statistics Authority (PSA) on Thursday morning stands far below the median forecast for the quarter by analysts, as well as the comparative figures recorded in the second quarter and the year earlier.
Analysts polled earlier estimated the rate of growth for the third quarter to be within the 5.7 percent to 7 percent range.
The official third-quarter figure also marks a significant slowdown from the 6.4 percent growth posted for the second quarter and the year-earlier rate of 7 percent.