PH GDP grows by 7.1% in Q3 2016
Real Gross Domestic Product (GDP) was revised up more than expected to 1.2% from 0.7%. Economists expected GDP to be revised up to only 0.9%. While GDP remained low compared to the last two quarters, business was higher in the 1st quarter. The higher than expected upward revision to GDP was largely driven by much stronger investment in intellectual property products including higher spending on research & development. Higher business construction also added to GDP growth. Economists project a rebound in 2nd quarter GDP growth near 3% and first half growth slightly over 2%.
“GDP growth in the third quarter was ..
economic growth is generally measured in terms of GDP.
“Rising inflation hit consumer spending while manufacturers failed to exploit the benefits of the lower pound. What’s more a strong pick up in investment and higher government spending, were not enough to counter the disappointing exports performance. Early indicators point at a slight improvement in the second quarter, but if that fails to materialise we could see GDP growth as low as 1.5 per cent this year.”
Japan's economic growth seen to slow to 1.2% in 3Q ..
The latest disappointing estimate for GDP growth follows robust growth of 0.7 per cent in the final quarter of 2016 and 0.5 per cent in the quarter immediately following the referendum, when the economy seemed to shrug off the impact of the vote and widespread predictions of a recession.
