Economic growth in Philippines slows

Growth in the Philippine economy slowed to 5.3 per cent in the third quarter of 2014, according to the latest figures.

The country’s economy recorded 7 per cent expansion in the third quarter last year.

Arsenio Balisacan, socioeconomic planning secretary of the Philippines, said that growth in production mainly came from manufacturing, trade, real estate, renting and business activities, and construction.

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But he cautioned that a deceleration in sub-sectors such as financial intermediation and contractions in agriculture and public administration “tempered the pace of growth”.

He added: “The third quarter economic performance shows a mixed picture of the private sector treading a more stable upward trajectory, government adjusting to new spending protocols, and then, the lingering negative impact of typhoon Yolanda and other calamities.”