MANILA: The Philippine economy likely grew between 3.8 percent and 4.8 percent, or even higher, in the September quarter from a year ago, supported by a strong services sector, a senior government official said on Wednesday.
Annual growth in the second quarter was 3.4 percent.
"The estimate...is 3.8 to 4.8 percent," said Ruperto Majuca, assistant director general of the economic planning agency. "It could even be a little bit higher, I feel, because of the leading economic indicators."
"The services sector will be the main driver for growth," he said.
The government trimmed its growth forecast to 4.5 to 5.5 percent from 5 to 6 percent this year, but economists in a Reuters poll in October predicted growth will slow to 4.3 in 2011.
Comments
Comments are closed for this article.