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Philippine GDP Growth Eases In Q3

The Philippine economy expanded at a slightly slower pace in the third quarter, figures from the Philippine Statistics Authority showed Thursday.

Gross domestic product climbed 6.1 percent year-on-year, slightly slower than the 6.2 percent expansion seen a quarter ago.

On a quarterly basis, GDP gained 1.4 percent in the third quarter.

The slowdown in GDP growth in the third quarter is likely to continue over the coming quarters as the economy faces headwinds from tighter monetary policy and a weakening external environment, Alex Holmes, an economist at Capital Economics, said.

The expenditure-side breakdown of GDP showed that household spending advanced 5.2 percent after growing 5.9 percent. Meanwhile, growth in government expenditure improved to 14.3 percent from 11.9 percent.

Investment surged 16.7 percent but slower than the 21.5 percent growth seen a quarter ago.

Further, exports increased at a pace of 14.3 percent after rising 12.6 percent. Similarly, imports moved up 18.6 percent following prior quarter's 18.5 percent growth.

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