Philippines' Q3 growth outpaces expectations, on track to beat 2022 target

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The Philippine economy grew at a faster-than-expected clip in the third quarter, but the government said the recovery is not without risks given rising interest rates and soaring inflation that could crimp consumer spending.

Underpinned by pent-up domestic demand, the economy expanded 7.6% in the third quarter from a year earlier, official data showed on Thursday, far outpacing the 6.3% forecast in a Reuters poll and faster than the 7.5% growth in the second quarter.

On a quarterly basis, gross domestic product rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed.

 

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