Indicators
Philippine Economy Shows Unexpected Strength as Demand Holds
- GDP grows 7.6% in third-quarter versus 6.2% estimate
- Peso falls tracking broader weakness in regional peers
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The Philippine economy grew faster than expected in the third quarter, boosting the case for the central bank to tighten monetary policy further to contain inflation amid a sustained demand recovery.
Gross domestic product rose 7.6% in the three months through September from a year ago, the Philippine Statistics Authority reported Thursday, compared to a revised 7.5% in the second quarter. That’s also faster than the 6.2% median estimate in a Bloomberg survey.