Philippine Economy Grew 6% in 3Q

Manila–(PHStocks)–The Philippine GDP grew by 6 percent year-on-year in the third quarter of 2015. This is higher than the growth rates of 5.8 percent in the second quarter of 2015 and the 5.5 percent in the third quarter of 2014.

The third quarter growth was driven by the Services sector, which accelerated to 7.3 percent from 5.6 percent. This performance is the highest since the 7.4 percent growth recorded in the third quarter of 2013. The entire Agriculture sector recovered in the third quarter by 0.4 percent from a 2.6 percent decline posted during the same period last year. On the other hand, the Industry sector slowed down to 5.4 percent from 7.8 percent last year.

Among the three major economic sectors, Services gave the highest contribution to the GDP growth in the third quarter with 4.2 percentage points. This was followed by Industry with 1.8 percentage points while Agriculture contributed 0.03 percentage point.

The net primary income (NPI) rebounded to 4.7 percent from a contraction of 3.1 percent in the previous year. As a result, the Gross National Income (GNI) accelerated to 5.8 percent from 3.9 percent in the third quarter of 2014.

With projected population reaching to a level of 101.8 million, per capita GDP grew by 4.3 percent from 3.7 percent, while per capita GNI accelerated to 4.1 percent from 2.2 percent. Likewise, per capita Household Final Consumption Expenditure (HFCE) went up by 4.6 percent from 3.2 percent.