The country’s economy expanded at a faster clip in the third-quarter amid strong government spending, the Philippine Statistics Authority (PSA) announced Thursday.
The economy, as measured by gross domestic product (GDP), increased by 6.2 percent in July to September this year, rebounding from the previous quarter’s 5.5 percent, its weakest growth in 17 quarters.
The actual third-quarter GDP was higher than the median forecast of 6.0 growth tipped in a Reuters survey of 11 economists.
Likewise, the growth is faster than the 6.0 percent in the same period last year and Bangko Sentral ng Pilipinas’ 5.8 percent to 6.0 percent forecast.
In September, public spending accelerated by 39 percent in line with government efforts to catch up with expenditures following a nearly five-month delay in the passage of the 2019 national budget.
But despite the uptick in spending in September, the Duterte administration’s nine months expenditures fell short by 2.1 percent against its program.
The third-quarter GDP figure brought the country’s January to September growth average to 5.8 percent.
President Duterte is targeting the economy to expand in a range of 6.0 percent to 7.0 percent this year, 6.5 percent to 7.5 percent next year, and 7.0 percent to 8.0 percent in 2021 as well as 2022.