15.11.201723:18:00UTC+00Philippine GDP Growth Improves In Q3

Philippine economic growth improved in the three months ended September, figures from the Philippine Statistics Authority showed Thursday.

Gross domestic product advanced 6.9 percent year-over-year in the third quarter, faster than the 6.7 percent rise in the second quarter, which was revised upward from a 6.5 percent growth reported earlier.

During the first quarter of this year, the rate of growth was 6.4 percent.

Economists had expected a 6.6 percent expansion for the third quarter.

Manufacturing, trade, and real estate, renting and business activities were the main drivers of growth for the September quarter.

Among the major economic sectors, industry logged the sharpest growth of 7.5 percent, followed by services with 7.1 percent spike.

At the same time, agriculture sphere slowed down by 2.5 percent from 3.0 percent growth in the previous year.