Philippine economic growth slows in third quarter
Growth slowed sharply in the Philippine economy in the third quarter because of typhoon damage and falling public spending, officials said Thursday.
The economy grew by 5.3 percent in the three months to September -- below expectations -- and 5.8 percent through the first nine months of the year.
Deputy chief statistician Romeo Recide added that gross domestic product (GDP) growth in this period fell to the lowest level since the last quarter of 2011.
The government has set a GDP growth target of 6.5-7.5 percent for the whole of 2014.
"Given this quarter's performance... even meeting the low end of the target growth rate for the year could pose a big challenge," Economic Planning Secretary Arsenio Balisacan told a news conference.
Typhoon Rammasun left 111 people dead or missing, caused a million people to flee their homes and left millions of others without power for several days across the country's economic heartland in mid-July
Fierce winds and destructive floods generated by typhoons led to a 2.7 percent year-on-year contraction in farm output, Balisacan said.
Apart from agriculture, he said government consumption and public construction activities slowed as President Benigno Aquino's government adjusted to "new spending protocols", some imposed to fight corruption.
He also cited the "lingering negative impact" of Super Typhoon Haiyan, as well as delays in the layout of the government's massive post-typhoon reconstruction programme across the devastated central Philippines.
Economic output had expanded by 7.0 percent in the third quarter of 2013, before Haiyan, the strongest cyclone to ever hit land and the deadliest in the Philippines' recorded history, caused widespread devastation.
Despite the slowdown, Balisacan said business sentiment remained optimistic.
He said export growth was robust in the third quarter, supported by the "strengthening of the global manufacturing industry" that boosted the country's key exports of semiconductors, wiring harnesses for vehicles and garments.
Aquino's spokesman Herminio Coloma said that despite the lower growth, the government was still maintaining a "positive outlook" for the rest of the year and for 2015.
He said the government was taking actions to boost agricultural productivity and farmers' incomes while removing bottlenecks that restrained investment.
Trinh Nguyen, an economist of the Hong Kong and Shanghai Banking Corp. said that while the Philippines had favourable prospects, "the problem is that investment, especially public spending on key infrastructure needs, is not growing fast enough".
"The slowdown of (the third quarter) growth points to immense opportunities for the economy to grow, especially if investment picks up," the Hong Kong-based economist added.
Philippine economic growth slows in third quarter
Growth slowed sharply in the Philippine economy in the third quarter because of typhoon damage and falling public spending, officials said Thursday.
The economy grew by 5.3 percent in the three months to September -- below expectations -- and 5.8 percent through the first nine months of the year.
Deputy chief statistician Romeo Recide added that gross domestic product (GDP) growth in this period fell to the lowest level since the last quarter of 2011.
The government has set a GDP growth target of 6.5-7.5 percent for the whole of 2014.
"Given this quarter's performance... even meeting the low end of the target growth rate for the year could pose a big challenge," Economic Planning Secretary Arsenio Balisacan told a news conference.
Typhoon Rammasun left 111 people dead or missing, caused a million people to flee their homes and left millions of others without power for several days across the country's economic heartland in mid-July
Fierce winds and destructive floods generated by typhoons led to a 2.7 percent year-on-year contraction in farm output, Balisacan said.
Apart from agriculture, he said government consumption and public construction activities slowed as President Benigno Aquino's government adjusted to "new spending protocols", some imposed to fight corruption.
He also cited the "lingering negative impact" of Super Typhoon Haiyan, as well as delays in the layout of the government's massive post-typhoon reconstruction programme across the devastated central Philippines.
Economic output had expanded by 7.0 percent in the third quarter of 2013, before Haiyan, the strongest cyclone to ever hit land and the deadliest in the Philippines' recorded history, caused widespread devastation.
Despite the slowdown, Balisacan said business sentiment remained optimistic.
He said export growth was robust in the third quarter, supported by the "strengthening of the global manufacturing industry" that boosted the country's key exports of semiconductors, wiring harnesses for vehicles and garments.
Aquino's spokesman Herminio Coloma said that despite the lower growth, the government was still maintaining a "positive outlook" for the rest of the year and for 2015.
He said the government was taking actions to boost agricultural productivity and farmers' incomes while removing bottlenecks that restrained investment.
Trinh Nguyen, an economist of the Hong Kong and Shanghai Banking Corp. said that while the Philippines had favourable prospects, "the problem is that investment, especially public spending on key infrastructure needs, is not growing fast enough".
"The slowdown of (the third quarter) growth points to immense opportunities for the economy to grow, especially if investment picks up," the Hong Kong-based economist added.
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Philippine economic growth slows in third quarter
Growth slowed sharply in the Philippine economy in the third quarter because of typhoon damage and falling public spending, officials said Thursday.
The economy grew by 5.3 percent in the three months to September -- below expectations -- and 5.8 percent through the first nine months of the year.
รองหัวหน้า recide สถิติโรมิโอกล่าวว่า ผลิตภัณฑ์มวลรวมภายในประเทศ ( GDP ) ขยายตัวในไตรมาสนี้ลดลงถึงระดับต่ำสุดนับตั้งแต่ไตรมาสสุดท้ายของปี 2011 .
รัฐบาลได้กำหนดเป้าหมายของ GDP เติบโตร้อยละ 6.5-7.5 สำหรับทั้งหมดของ 2014 .
" ให้ประสิทธิภาพในไตรมาสนี้ . . . . . . . แม้การประชุมปลายต่ำของอัตราการเติบโตได้ตามเป้าหมายทั้งปีอาจก่อให้เกิดความท้าทายใหญ่" การวางแผนเศรษฐกิจ เลขา อาร์เซนิโอ balisacan บอกข่าวประชุม .
พายุไต้ฝุ่น rammasun เหลือ 111 คนตายหรือหายไป ทำให้ผู้คนนับล้านเพื่อหนีบ้านของพวกเขาและทิ้งล้านคนอื่น ๆที่ไม่มีอำนาจ หลายวันผ่านใจกลางเศรษฐกิจของประเทศในช่วงกลางเดือนกรกฎาคม
ดุร้ายลมและทำลายอุทกภัยที่เกิดจากพายุไต้ฝุ่น นำไปสู่การหดตัวลดลง 2.7 เปอร์เซ็นต์ ผลผลิตในฟาร์ม Balisacan said.
Apart from agriculture, he said government consumption and public construction activities slowed as President Benigno Aquino's government adjusted to "new spending protocols", some imposed to fight corruption.
He also cited the "lingering negative impact" of Super Typhoon Haiyan,ตลอดจนความล่าช้าในรูปแบบของรัฐบาลในการฟื้นฟูโครงการขนาดใหญ่หลังพายุไต้ฝุ่นข้ามขอบกลางฟิลิปปินส์
ผลผลิตทางเศรษฐกิจได้ขยายตัว 7.0 เปอร์เซ็นต์ในไตรมาสที่สามของปี 2013 ก่อน Haiyan , ไซโคลนที่แข็งแกร่งที่สุดที่เคยตีที่ดิน และอันตรายในฟิลิปปินส์ ' บันทึกประวัติศาสตร์ ทำให้แพร่หลาย
แม้จะมีการทำลายล้าง ขณะเดียวกัน Balisacan said business sentiment remained optimistic.
He said export growth was robust in the third quarter, supported by the "strengthening of the global manufacturing industry" that boosted the country's key exports of semiconductors, wiring harnesses for vehicles and garments.
Aquino's spokesman Herminio Coloma said that despite the lower growth, the government was still maintaining a "positive outlook" for the rest of the year and for 2015.
He said the government was taking actions to boost agricultural productivity and farmers' incomes while removing bottlenecks that restrained investment.
Trinh Nguyen, an economist of the Hong Kong and Shanghai Banking Corp. said that while the Philippines had favourable prospects," ปัญหาคือ การลงทุน การใช้จ่ายโดยเฉพาะอย่างยิ่งความต้องการโครงสร้างพื้นฐานกุญแจสาธารณะจะโตไม่เร็วพอ " .
" การชะลอตัวของ ( ไตรมาส 3 ) การเจริญเติบโตจุดโอกาสอันยิ่งใหญ่สำหรับเศรษฐกิจเติบโต โดยเฉพาะอย่างยิ่งถ้าลงทุนหยิบ " นักเศรษฐศาสตร์ฮ่องกง
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