Economy slows down to 5.2% growth in third quarter from 6.4% in second quarter
Philippine economic growth on Thursday slowed down to 5.2 percent in the third quarter from a revised 6.4 percent in the previous quarter as the agriculture sector contracted and government construction declined to 3.7 percent from 21.7 percent.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said ''the economy needs to grow by at least 6.5 percent in the fourth quarter '' to meet the growth target of 6-7 percent.
the agriculture sector contracted 2.8 percent from the previous quarter's minus 2.3 percent.
The farm sector's third quarter decline reflected '' the impacts of the El Nino phenomenon during the planting season and the effects of seven typhoons, in addition to Habagat, during the harvest season,'' said Balisacan.
Also bringing down the sector were a 29-day fishing ban in Cavite and Bataan due to an oil spill in July and cancellation of fishing trips due to bad weather, he added.
Due to weather conditions, there was a slowdown in tourism and leisure-related spending due to 138 flight cancellations, said Balisacan.
Public construction went down from 21.7 percent to 3.7 percent ''due to administrative delays and disruptions associated with adverse weather conditions.'' explained Balisacan. DMS
