Economic growth in Q3 2019 lower than earlier reported: statistics agency


Posted at Jan 22 2020 03:20 PM

Carpenters build wooden beds in Quezon City. Economic growth in the July to September quarter of 2019 was lower than earlier reported, the statistics agency said on Jan. 22, 2020, the eve of the release of fourth quarter data. Mark Demayo, ABS-CBN News/file

MANILA -- Economic growth in the third quarter of 2019 was slower than earlier reported, the Philippine Statistics Authority said Wednesday, ON the eve of the release of fourth quarter data.

Gross domestic product grew 6 percent in the quarter ended September, from the previous report of 6.2 percent. This would require at least a 6.8 percent expansion in the fourth quarter to meet the low end of the government's 6 to 7 percent goal for the entire 2019.

The PSA said growth was revised lower in the following sectors: construction to 15.4 percent from 16.3 percent; transport, storage and communication to 8.2 percent from 9.1 percent; and other services to 4.2 percent from 5.1 percent.

"The streak of years above 6 percent is currently 7 and fourth quarter GDP will need to crest 6.8 percent to pole vault to a 6-percent finish and complete the tale of two halves," said ING Bank economist Nicholas Antonio Mapa.

Mapa said "sluggish" growth momentum could move the Bangko Sentral ng Pilipinas to cut the benchmark lending rate as early as February. Governor Benjamin Diokno signaled a 50-point cut this year.