From the Website of PIA
links: http://news.pia.gov.ph/article/view/3001448530805/6-gdp-growth-in-q3-due-to-improved-gov-t-spending
6% GDP growth in Q3 due to improved gov’t spending
QUEZON CITY, Nov. 27 -- Improved government spending led to the six (6) percent growth in the country’s real gross domestic product (GDP) in the third quarter of 2015.
“This is in line with President Aquino’s directives to the Executive Branch to improve effectiveness in budget execution through vigorous implementation of priority development programs,” Communications Secretary Herminio “Sonny” Coloma said.
Government expenditure spending grew by 17.4 percent from 3.9 percent last quarter according to data released by the National Economic and Development Authority.
Coloma added that in the last quarter this year, the government will intensify efforts to address challenges posed by extrinsic factors such as the predicted severe El Niño that might last until the first half of 2016.
Economic Secretary Arsenio Balisacan on Thursday said, “The modest growth of the agriculture sector, on the other hand, shows the impact of El Niño, as yields and harvests for palay and sugarcane were most affected due to inadequacy of irrigation water and rain.”
Agriculture, Fishery and Forestry sector grew by 0.4 percent during the third quarter of 2015, from -2.6 percent last quarter.
Balisacan said harvests for palay and sugarcane were mostly affected due to inadequacy of irrigation water and rainfall. He attributed the slight improvement in the sector’s performance to stronger growth in livestock, poultry, and fishery subsectors.
He said the Philippines’ real gross domestic product in the third quarter of 2015 is an “encouraging sign” of a steadily growing economy, which makes the country one of the fastest-growing major Asian economies. The country’s GDP growth was the third fastest after China’s 6.9 percent and Vietnam’s 6.8 percent.
“President Aquino is firmly committed to achieve inclusive growth through continuing investments in public infrastructure and human capital development anchored upon good governance,” Coloma added. (PRC-PIA/VDCG/RDA)
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