MANILA, Philippines: The country’s gross domestic product (GDP) growth slowed down to 6.1% during the 3rd quarter of 2018, the Philippine Statistics Authority (PSA) said on Thursday.
The figure is lower than the revised 2nd quarter figure of 6.2%.
“We are not exactly exuberant about the 6.1% growth rate, but still comforted that we remain one of the fastest-growing economies in Asia, next to Vietnam at 7%, China at 6.5%, and way ahead of Indonesia at 5.2%,” Socioeconomic Planning Secretary Ernesto Pernia said.
With this, the Philippines needs to expand by at least 7% in the 4th quarter to attain the low end of the government’s target of 6.5% to 6.9% growth for the entire 2018.
Pernia said the government is concerned about the slowdown in household consumption during the 3rd quarter.
It only grew at 5.2% compared to the 2nd quarter’s 5.9%.
The slowdown in economic growth comes amid inflation reaching a 9-year high of 6.7% in October.
Meanwhile, the agriculture sector’s growth rate contracted to -0.03%.
Pernia called on the Department of Agriculture and legislators to implement policy reforms, especially for rice and sugar.