Dissecting Data: PH posts 'respectable' economic growth in 2018

ABS-CBN News

Posted at Dec 24 2018 08:26 AM

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MANILA - The Philippine economy posted a slower but "respectable" growth rate in the third quarter of 2018 at 6.1 percent from 6.2 percent in the second quarter, Socioeconomic planning secretary Ernesto Pernia has said.

Despite the slower growth, analysts said the country's economy remains one of the fastest growing in the region after at least a 6-percent average growth in 14 consecutive quarters.

Aside from weaker consumption, export and inflation, the reenacted budget for the first few months of 2019 could also affect the country's gross domestic product (GDP) Budget Secretary Benjamin Diokno earlier said.

The World Bank on Friday downgraded its economic growth forecast for the Philippines to 6.4 percent in 2018 and 6.7 percent in 2019, lower than the country's target of 7 to 8 percent.

But a 7-percent economic growth is "doable" in 2019 since inflation has started to ease, Bangko Sentral ng Pilipinas' (BSP) Deputy Governor Diwa Guinigundo earlier said

Inflation slowed in November at 6 percent, government data showed.