Pernia sees 6.5-7.2% fourth quarter growth
Credit to Author: Anna Leah E. Gonzales| Date: Sun, 10 Nov 2019 16:13:32 +0000
Socioeconomic Planning Ernesto head Pernia said he is projecting economic growth to hit 6.5 to 7.0 percent in the fourth quarter of the year.
“Inflation is slowing down. [And there’s] increased in government spending,” Pernia said in an interview.
The country’s gross domestic product (GDP) grew by 6.2 percent in the third quarter of the year, an acceleration from the 5.5 percent recorded in the second of the year.
The third quarter result was likewise higher than the 6.0 percent growth in the same quarter last year.
Data from the Philippine Statistics Authority (PSA) showed that household consumption, which grew by 5.9 percent, was one of the key drivers of economic growth in the third quarter.
Pernia earlier said that Philippine economy will have to expand by at least 6.7 percent in the last quarter of the year to meet the low-end of the government’s 6- to 7-percent downwardly adjusted full-year target of the government.
“We have seen the economy surging and the momentum will continue. Surging for another five percentage points should be easy,” he said.
Pernia added benign inflation and a more upbeat consumer confidence are expected to stimulate private consumption, especially with the nearing holiday season.
National statistician Dennis Claire Mapa also believes the Christmas season would also boost growth in the last quarter.
“Normally because of the holiday, [consumption will increase],” Mapa said.