Government confident of 6.5% GDP this year

MANILA, Philippines — Malacañang remained confident Thursday that the country's economic growth will pick up despite a lower-than-expected 5.3 percent third quarter gross domestic product this year.

Presidential Communications Secretary Herminio Coloma said government remains optimistic the full-year GDP target of 6.5 percent at the minimum will be achieved.

The Q3 growth was 1.7 percent lower than that in the same period last year, and 1.1 percent lower than the second quarter this year.

Coloma said the National Economic Development Authority explained that the slower growth from July to September could be attributed to the lingering negative impact of super typhoon Yolanda and the adjustment of government to new spending protocols.

Nevertheless, he said at a press briefing aired over Radyo ng Bayan, "We expect that the private sector performance will remain robust and post-Yolanda efforts will gain traction."

"Our deficit management continues and we have enough fiscal space. Our overall outlook remains stable, and at par with other investment-grade economies," Coloma added. (Interaksyon.com)

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