The Philippine economy grew at a faster-than-expected pace in the third quarter underpinned by government spending and exports, official data revealed Thursday.
Gross domestic product posted an annual growth of 5.9 percent, faster than the 4.3 percent expansion seen in the second quarter, the Philippine Statistics Authority said. The rate was forecast to improve moderately to 4.7 percent.
The economy rebounded 3.3 percent on a quarterly basis after shrinking 0.7 percent in the second quarter. The rate was also better than the expected 2.0 percent rise.
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