©Reuters. FILE PHOTO: Philippine Finance Minister Benjamin Diokno speaks during an economic briefing following President Ferdinand Marcos Jr.’s first State of the Union address in Pasay City, Metro Manila, Philippines July 26, 2022. REUTERS/Lisa Marie David/File
MANILA (Reuters) – Philippine economic growth in the third quarter was “much better than consensus forecast,” the finance minister said Thursday ahead of the data’s official release.
A string of positive data, including the lowest unemployment rate since the pandemic began, strong remittance inflows and a surge in reserves, supported better-than-expected gross domestic product (GDP) growth in the July-September period, Treasury Secretary Benjamin Diokno told Reuters.
“All of this is summed up by the higher-than-expected third-quarter GDP growth rate,” Diokno said.
Analysts polled by Reuters are forecasting GDP growth of 6.3% on an annualized basis for the third quarter. Official dates will be released around 0200 GMT.
The Southeast Asian nation’s GDP grew 7.5% year-on-year in the second quarter.