Philippine economy took a big leap as The Philippines statistics Authority (PSA) announced on Thursday that the country’s economy expanded by 7.1 % in the third quarter of the year which beats the second quarter growth of 7 %.
In addition, the 7.1 % growth might catch up the 7.6 % growth in second quarter of 2013 if fair odds will continue this far, as this was the largest GDP growth rate since then.
At a news conference, Reynaldo Cancio the Director of National Economic and Development Authority said that the services sector, contributed much to the thirds quarter’s economic performance this year, which achieved a growth of 6.9 %.
On the other hand, the industry sector enhanced by 8.6 % this year, significantly higher compared to the 6.1 percent rate in 2015.
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