By: Maricel E. Burgonio, InterAksyon.com November 22, 2013 8:01 PM
MANILA - The Philippine economy may have grown slower in the third quarter on a modest pullback in government investment, Moody’s Investors Service said.
In its latest report, Moody’s said the country’s gross domestic product (GDP) likely grew by seven percent in the third quarter, lower than the 7.5 percent growth in the second quarter.
The government has a GDP growth target of 6-7 percent for the entire year. Growth reached 7.6 percent in the first six months.
A measure of economic performance, GDP is the amount of final goods and services produced in the country.
“The Philippines was one of the world’s fastest-expanding economies through the first half of 2013, and this likely continued in the September quarter,” Moody’s said.
“For the third quarter, however, the signs are all positive. We may see a modest pullback in government investment, and GDP growth will likely slow, but only slightly,” the rating firm said.
Moody’s said the high-frequency data had been strong, with industrial production, bank lending and money supply surging ahead.
Although domestic confidence and demand have remained firm, the November typhoon will alter the fourth quarter picture, it said.