Workers pictured as they work on MRT 7 along Commonwealth in Quezon City. (Photo: The Star)Hanoi (VNA) – The Philippine economic growth slowed to 6.1 percentin the third quarter of 2018 – the slowest pace in three years.
The rate is softer than the upwardly revised 6.2 percent in theprevious quarter and 7.2 percent growth rate posted in the same period lastyear.
For the first nine months, the Southeast Asian country’s GDPgrowth averaged 6.3 percent.
Socio-economic Planning Secretary Ernesto Pernia said thatthe Philippine economy has to grow by at least 7 percent in the last quarter toachieve a target of 6.5-6.9 percent growth rate set by the Government for thewhole year.
Inflation clocked in at 6.7 percent in October, unchangedfrom September’s clip but still the fastest pace in nearly a decade.
The country’s export turnover is forecast to postyear-on-year rises of 2 percent in 2018 and 6 percent in 2019, much lower thanthe growth rate of 9 percent for each year predicted earlier.-VNA
VNA
