RP growth hit by high oil prices

RP growth hit by high oil prices

MANILA: Economic growth in the Philippines has slowed amid rising inflation since last month, due partly to higher oil prices, Economic Planning Secretary Romulo Neri said on Thursday.

Gross domestic product (GDP) growth in the three months to September would be less than 6.0 and growth in the fourth quarter would be even lower than that, Neri said.

The economy grew by 6.3 percent in the first half.

"The third quarter GDP growth will be below 6 percent (due to) higher oil prices and inflation, although the agriculture sector continues to be strong," Neri said, while adding that the full- year outcome should still fall within the 4.9-5.8 percent range set by the government.

"We will meet the (full-year GDP growth) target very easily and the emerging figure is 5.7 percent," he said. -- AFP