Philippine GNP expands 3.3%

Philippine GNP expands 3.3%

MANILA (AFP): The Philippines' gross national product (GNP) grew 3.3 percent year-on-year in the three months to September with gross domestic product (GDP) growth at 3.1 percent, Economic Planning Secretary Felipe Medalla said here Friday.

This was a sharp improvement on the 0.7 percent GNP growth and the 0.1 percent GDP contraction in the same period last year, Medalla told reporters.

The third-quarter figures bring GNP growth in the first nine months of the year to 3.0 percent while GDP growth hit 2.6 percent year-on-year.

Medalla said the figures showed the country was "on track" to attain a full-year growth target of 1.5 to 3.5 percent for GNP and 1.0 to 3.0 percent for GDP.