My Google Page Rank

PHL economy grows 3.2% in 3Q

PDFPrintE-mail

The Philippine economy grew by 3.2 percent in the third quarter of the year mainly because of the services sector, according to the National Statistical Coordination Board.

The NSCB said the services sector "saved" the domestic economy from posting an even lower growth.

The third quarter gross domestic product (GDP) is lower than the 7.3 percent growth in the third quarter of last year.

GDP is the total value of final goods and services produced in the country.

In the first nine months, the economy expanded by 3.6 percent from 8.2 percent in the same period last year.

Socioeconomic Planning Secretary Cayetano Paderanga blamed the weak economic growth in the third quarter to the typhoons that caused losses and damages in the agriculture sector, the global economic slowdown amid uncertainties in Europe and weakness of the US economy.

Cayetano also said the contraction in the construction sector amid stricter project reviews for public construction projects contributed to the decline in GDP during the quarter.

"The services sector however continued to perform strongly on the back of sustained OF remittances, relatively more favorable inflation environment, and increased pace in government expenditures, as the services sector saw strong performances by the transportation, communication and storage; real estate, renting and business; public administration and defense; and education, tourism, and other services subsectors," Paderanga said.

The country’s third quarter economic performance was weaker relative to Indonesia’s 6.5 percent growth, Vietnam’s 6.1 percent, Singapore’s 6.1 percent, Malaysia’s 5.8 percent, and Thailand’s 3.5 percent.

Moreover, the third quarter growth performance was below the 4.6 percent consensus forecast of both international and domestic analysts, including NEDA’s forecast of 3.8 to 4.8 percent.

"Notwithstanding the third quarter’s moderate growth, there are indications of more favorable prospects for the fourth quarter of 2011. These include the anticipated higher demand on account of the Yuletide and harvest seasons; a more stable macro economy; a broadly steady consumer sentiment; the continued inflows of remittances from Filipinos overseas; the reported higher level of business confidence relative to the previous quarter; and the full implementation of the P72 billion disbursement acceleration program of the government," Paderanga said.

He also said that there was general expectation of robust consumption, continuing improved investments, and higher government consumption in the near term.

In addition, Paderanga said consumer sentiment would be more optimistic until 2012.

"The upbeat expectations of the private sector for the next quarter will particularly boost construction and durable equipment," he said.

By PNA




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

SANGGUNIANG PANLUNGSOD... ACHIEVERS 2017

27 Jul 2017 Hits:23 Be the first to comment!

El Govierno local del Ciudad de Zamboanga ya organiza mga torneo para del maga empleado donde el maga participantes sale na diferente departamento. Diferente desportes el puede participa juga maga empleado.  Este el oportunidad con el maga antes athleta para dale mira  diila abilidad y discubri nuevo talento . Tiene tambien alyi ya lang ya aprende durante na juego que sila ya participa . Este programa una ves na un año . Miembro del SP-OSSP Team: Consejal Aljihan R. Edding, Consejal Elbert C. Atilano Sr., Jomar Fermisa, Ken M. Llvisma, Hardy Bayot, Carla Lim, Michelle A. Jose y Vita Agan -1st Single Badminton Champion women . 2017 Individual women Single – Champion Team tie event Badminton               [...] Read more

Prev Next Page:

ZAMBOANGA CITY… 2ND RUNNER UP - MAYOR’S CUP… ARAW NG IPIL BASKETBALL TOURNAMENT.

25 Jul 2017 Hits:85 Be the first to comment!

El ya organiza para hace con este Team Zamboanga City amo si Bernard Gonzales y ele el ya para como el manager hunto con Atty Dino Ferrer para contesta todo [...] Read more


STREET SHOOTER... DEX

24 Jul 2017 Hits:143 Be the first to comment!

Este si Dexter Montojo Garcia , Ta llama conele mga barcada  “Dex”, 28 años de edad, 5’11” el altor y residente de Lumiyap Divisoria, Ciudad de Zamboanga . Su mayores [...] Read more


ZAMBOANGA CITY WESTERN EAGLES CLUB SPORTFEST

23 Jul 2017 Hits:96 Be the first to comment!

Este el  TFOE Philippine Eagle WMR -3  ZCWEC Basketball League que ya encabesa el Presidente de ZCWEC  Eagle  Jimmy  U. Cabato y el Tournament Manager si Eagle Allan E. Lagumbay [...] Read more


SPEED FIRE... RONNEL

21 Jul 2017 Hits:103 Be the first to comment!

Este si Ronnel Ivan Lao Basiri, conosido na nombre “Ronnel” , 22 años de edad, 5’7” el altor , soltero y residente de Tetuan , Ciudad de Zamboanga .Si Ronnel [...] Read more


Mayor, security sector meets with Maranao leaders

20 Jul 2017 Hits:146 Be the first to comment!

Mayor Beng Climaco and the security sector met with leaders of the Maranao community in Zamboanga to discuss issues pertaining to the ongoing Marawi crisis, the condition of Maranao families [...] Read more


D’ FAST and D’ FURIOUS... KAN

20 Jul 2017 Hits:118 Be the first to comment!

Este si Hemill Kan Lao Basiri , ta llama conele na palayao “KanKan”, 25 años de edad, 5’5” el altor, y residente de Tetuan , Ciudad de Zamboanga . Su [...] Read more


Man hacked by neighbor

19 Jul 2017 Hits:118 Be the first to comment!

A man was hacked by his neighbor near Jumbo Bridge in Barangay Guiwan, this city, on Sunday night. The victim was identified as Jimmy Delos Reyes Viray, 39, single, a resident [...] Read more


D’ SLASHER... BRYAN

19 Jul 2017 Hits:100 Be the first to comment!

Este si Bryan Russel Balansag Animos , ta llama conele “Bryan “, 26 años de edad, 5’10 el altor , soltero y residente de Pasonanca Ciudad de Zamboanga . Su [...] Read more


D’ QUICK BROWN FOX … Rhon Rhon

18 Jul 2017 Hits:120 Be the first to comment!

Este si Ronnel  Tatud Daruca , ta llama conele na palayao “Rhon Rhon”, 28 años de edad , 5’8” el altor , soltero y residente de Tumaga , Ciudad de [...] Read more


D’ HAWK... ALVIN

17 Jul 2017 Hits:112 Be the first to comment!

Este si Alvin John Bernardo Munio , ta llama conele “Alvin”, 31 años de edad, 6’1” el altor , y residente de Caragasan , Maasin , Ciudad de Zamboanga . [...] Read more


DOLPHIN MOVES... JUN JUN

16 Jul 2017 Hits:147 Be the first to comment!

Este si Angelito Surjedo Pacatang Jr., ta llama conele na palayao “Jun Jun” , 26 años de edad , 5’8” el altor y residente de Callejon Drive . Guiwan , [...] Read more


(Sharing Time) There’s no end of the world, but only..

16 Jul 2017 Hits:114 Be the first to comment!

TO disabuse the minds of many, there’s no destruction of our planet Earth in its physical form. The earth won’t at all go kaput or be devastated into pieces. The [...] Read more


IRON MAN PLAYER… Modz

15 Jul 2017 Hits:119 Be the first to comment!

Este si Modivar Mabolo Enriquez, ta llama conele na palayao “Modz”, 36 años de edad,  5’10” el altor, casao y su esposa si Leslie Morales Enriquez, diila mga anak si [...] Read more


Man stabbed in Ayala

15 Jul 2017 Hits:128 Be the first to comment!

A man was allegedly stabbed while walking with his common-law-wife in Dumagsa, Barangay Ayala, this city, on Wednesday night. Reports coming from Police Station 9 identified the victim as Jessie Dagooc [...] Read more


CHO withholds occupancy permits for Z3R housing units

15 Jul 2017 Hits:107 Be the first to comment!

The City Health Office has withheld its recommendation for the issuance of occupancy permits for the housing projects under the Zamboanga City Roadmap to Reconstruction and Rehabilitation (Z3R) due to [...] Read more


Driver surrenders to soldiers after bumping girl on road

14 Jul 2017 Hits:132 Be the first to comment!

For fear of retaliation from the family of his victim, a Public Utility Van (PUV) driver surrendered to the members of the Philippine Marines manning a checkpoint at Barangay Muti, [...] Read more


WILD CAT MAGIC… DASH

14 Jul 2017 Hits:123 Be the first to comment!

Este si  Esa, Al-Daser Hajiri , ta llama conele na palayao “Dash”, 22 años de edad, 5’10” el altor y residente de Armor Village, San Jose Gusu Ciudad de Zamboanga [...] Read more


D BARKER… SAN SAN

13 Jul 2017 Hits:140 Be the first to comment!

Este si Ensan Wil Delos Santos, ta llama conele na palayao “San San”, 24 años de edad, 5’6” el altor , casao y su esposa si Reivarie Joyce T Reyes [...] Read more