PH economy grows 7.1% in Q3, still among the highest in Southeast Asia

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MANILA – The Philippine economy grew 7.1% from July to September, among the highest growths in the third quarter of the Association of Southeast Asian Nations and Southeast Asian Region l ‘Is in the midst of the pandemic, reinforcing optimism about staging a strong recovery next year.

The third quarter gross domestic product (GDP) was above -11.6% during the same period in 2020, but below 12% in the second quarter of this year, mainly due to base effects. Growth since the start of the year is currently 4.9%.

“Our progress in the third quarter shows that the recovery is gaining momentum, and it is very likely that we will meet or exceed our growth target for 2021. Of course, this requires everyone’s cooperation, it requires management. of risk. better and move towards alert level 1 by the end of the year or early 2022, ”Socio-Economic Planning Secretary Karl Kendrick Chua said on Tuesday during a virtual press briefing .

Philippines Statistics Authority (PSA) Undersecretary Dennis Mapa said the country’s GDP is expected to grow 5.3% in the fourth quarter to reach the top of the growth target of 4 at 5% for this year, and about 1.7% to hit the lowest level. end of target.

Reading a joint statement from government economic officials, Chua said the economy grew 3.8% on a seasonally adjusted quarterly basis, indicating a sustained recovery despite two weeks of Enhanced Community Quarantine (ECQ) and one month of quarantine. Community strengthened modified. (MECQ) in the economic poles of the country.

To further support the country’s growth this year and next, Chua said the government would further accelerate the vaccination program, reopen at Alert Level 1 in January 2022, and maximize the use of the 2021 budget.

As of November 7, a total of 64.2 million doses of vaccine had been deployed. Of these, 34.7 million doses were administered as the first dose and 29.5 million were administered as the full dose.

“As long as there is no unexpected new risk like a stronger variant or a global push, then I think we are clearly on the right track for a strong recovery,” he added.

Chua, head of the National Economic and Development Authority (NEDA), said the country would also continuously monitor world oil prices.

“As we are seeing now, future prices are on a downtrend, so our policy response will also be based on whether it is a temporary or more permanent increase in the price of oil, but so far , we are seeing that this is a downtrend and our I think the policies have all been designed to deal with the temporary increase in oil prices, ”he added.

Meanwhile, Chua said on the production side, the manufacturing sector grew 7.9% in the third quarter, while the service sector grew 8.2%.

In contrast, agriculture edged down 1.7 percent.

“The increase in production from Palay, which was aided by the continued implementation of the Rice Competitiveness Enhancement Fund, was more than offset by the damage caused by the typhoon to other agricultural crops. and African swine fever for livestock, ”he said.

On the expenditure side, Chua said growth was mainly driven by household consumption, which grew 7.1% and accounted for 5.2 percentage points of overall GDP growth.

“This strong rebound indicates an improvement in consumer confidence. We expect this to continue in the fourth quarter given the more relaxed restrictions and a higher vaccination rate, ”he added. (ANP)


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