The Philippine economy experienced accelerated growth, reaching 5.9 percent in the third quarter of 2023, according to the Philippine Statistics Authority.
This upturn was driven by an increase in government spending.
The growth during July to September exceeded the 4.8 percent median forecast. While it surpassed the 4.3 percent growth rate in the second quarter, it remained below the 6.4 percent recorded in the first quarter of the year.
“Major economic sectors, namely: agriculture, forestry, and fishing, industry, and services all posted positive growths in the third quarter of 2023,” the PSA said.
“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third quarter 2023 GDP growth,” said NEDA Secretary Arsenio Balisacan.
“Overall, government spending contributed to 2.1 percentage points or 36 percent of the observed 5.9 percent GDP growth,” Balisacan said.