Philippines Posts 7% GDP Growth in 3Q 2013

Makati—(PHStocks)—National Statistical Coordination Board—The domestic economy grew by 7% in the third quarter of 2013 from 7.3% recorded the previous year boosting the 2013 first nine months growth to 7.4% from 6.7% last year.  The third quarter growth was driven by the Services sector with the robust performance of Real Estate, Renting & Business Activities, Trade and Financial Intermediation sustained by the accelerated growth of the Industry sector.

On the demand side, growth in the third quarter of 2013 came from increased investments in Fixed Capital, reinforced by consumer and government spending, and the robust growth in external trade.

With accelerated growth of the Net Primary Income (NPI) from the Rest of the World in the third quarter of 2013 by 11.9%, the Gross National Income (GNI) expanded by 7.8% in the third quarter of 2013 from 7.3% in the third quarter of 2012.

On a seasonally adjusted basis, GDP posted a positive growth of 1.1% in the third quarter of 2013 but this was a deceleration from 1.6% in the previous quarter while GNI accelerated by 1.8% in the third quarter of 2013 from 1.1% in the second quarter of 2013.  The entire Agriculture sector rebounded its seasonally adjusted growth to 0.7% from a decline of 0.7% in the previous quarter while Industry decelerated to 0.3% from 1.4%. On the other hand, the Services sector recorded a 1.6% seasonally adjusted growth for the third quarter of 2013 from 2.1% in the previous quarter with the positive growth of all its subsectors.

With projected population growing by 1.6% to a level of 97.6 million, per capita GDP grew by 5.2%, per capita GNI accelerated by 6% while per capita Household Final Consumption Expenditures (HFCE) decelerated by 4.5%.