The Philippines statistics Authority (PSA) announced on Thursday that The Philippine economy expanded by 7.1 percent in the third quarter of the year, higher than the revised second quarter growth of 7 percent.
The country’s latest GDP growth rate is the highest since the second quarter of 2013 (7.6 percent)
National Economic and Development Authority Director Reynaldo Cancio said at a news conference that the services sector, contributed much to the third quarter’s economic performance this year. which posted a growth of 6.9 percent.
The industry sector, meanwhile, accelerated by 8.6 percent this year, considerably higher than the 6.1 percent rate in 2015.
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