Economy grows at slower pace in Q3

The country's economic growth slowed in the third quarter as weather disturbances affected agricultural output and the performance of other production sectors, but the government remains optimistic that the six to seven percent growth target can still be achieved this year.

- By LOUELLA DESIDERIO

In a press conference yesterday, National Statistician Dennis Mapa said the country's gross domestic product (GDP) grew by 5.2 percent in the third quarter of this year, easing from the previous quarter's 6.4 percent growth and six-percent expansion posted in the third quarter last year.

Despite the slower growth, National Economic and Development Authority Secretary Arsenio Balisacan said the Philippines remains one of the fastest-growing Asian economies, behind Vietnam, which posted a 7.4-percent growth, but ahead of Indonesia's 4.9 percent, China's 4.6 percent and Singapore's 4.1 percent.

On the production side, Balisacan said the slowdown in economic growth was due to the 2.8 percent contraction in agriculture, forestry and fishing sector.

According to Balisacan, the decline in the crops subsector of the agriculture sector reflected the impact of the El Niño during the planting season and the typhoons' effects during the harvest season.