PH economy surges at faster rate in Q3

The Philippine economy grew at a faster rate in Q3 of the current year at 7.6%, higher than the revised gross domestic product (GDP) growth in Q2 at 7.5%, the Philippine Statistics Authority (PSA) reported. In a press conference, PSA Undersecretary Dennis Mapa said this is the sixth consecutive quarter that the economy recorded expansion. The country’s GDP growth from July to September 2022 is also higher than the 7% increase in the same period in 2021.The Q3 GDP exceeded the median analyst forecast of 6.3%, said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. Balisacan said the average GDP growth for the first nine months of the year stood at 7.7%. The PSA reported that all major industries improved their performance in the third quarter of 2022 compared to the same period last year.