The Philippine economy expanded at a faster pace in the third quarter, the Philippine Statistics Authority said Thursday.
Gross domestic product expanded 7.1 percent year-on-year, faster than the 7 percent growth seen in the second quarter. In the same period of prior year, GDP advanced 6.2 percent.
This was the fastest growth since the second quarter of 2013.
On the production side, services posted a growth of 6.9 percent but weaker than the 7.2 percent growth in the previous year.
On the other hand, growth in industry accelerated to 8.6 percent from 6.1 percent in 2015. Meanwhile, after five consecutive quarters of decline, agriculture rebounded to 2.9 percent in the third quarter.
Looking ahead, Gareth Leather and Krystal Tan, economists at Capital Economics, said the foundations are in place for growth to remain strong, but recent political events, both in the US and domestically, have made the outlook much less certain.
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