Philippine economy grows faster by 7.6% in Q3 2022
 By TED CORDERO, GMA Integrated News
Published November 10, 2022 10:11am
Updated November 10, 2022 10:44am

The Philippine economy accelerated in the third quarter of the year, the Philippine Statistics Authority (PSA) reported on Thursday. The economy as measured by gross domestic product (GDP) — the total value of goods and services produced in a specific period — grew by 7.6% during the July to September period, faster than the upwardly adjusted 7.5% GDP growth in the second quarter of 2022. This is also higher than the 7% GDP growth posted in the third quarter of 2021. The third quarter economic growth also surpassed the median analyst forecast of 6.3%, Socioeconomic Planning Secretary and National Economic and Development Authority (NEDA) chief Arsenio Balisacan said at a press briefing. Balisacan said the Philippine economy is on track to hit the government’s target band of 6.5% to 7.5% growth for 2022. “Given the latest GDP outturn, our economy needs to grow by 3.3% to 6.9% in the fourth quarter,” he said. “In this time of heightened global uncertainty and elevated consumer prices, this high-growth performance in the third quarter bodes well for our efforts to ensure quality job creation and poverty reduction to achieve inclusive growth,” the NEDA chief said. —KBK, GMA Integrated News

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