Economics
Philippine Household Spending Accelerates Economic Recovery
- Economy expands 3.8% from prior quarter, +7.1% on year earlier
- Performance validates government strategy, official says
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The Philippines’ recovery gained traction in the third quarter on strong growth in household consumption and services, putting the economy on track to return to its pre-pandemic level earlier than expected.
Gross domestic product grew a seasonally adjusted 3.8% in July-September from the previous quarter, the statistics agency reported Tuesday, higher than all estimates in a Bloomberg survey of 13 economists. That compares to the 1.4% median growth estimate in the survey and a revised 1.4% contraction on a sequential basis in the second quarter.