Q3 GDP growth was reported at 7.1 percent, making the Philippines the fastest-growing among major South East Asian emerging economies. We clocked in 71 consecutive quarters of positive economic growth, and we are upbeat about Q4 outcomes given the boost from holiday spending. We also emphasize the quality of growth. Economic expansion is driven by broad-based factors.
On the supply side, while services has remained the key driver of growth of the Philippine economy, the share of industry output has been expanding. On the demand side, growth has been historically buoyed by robust private consumption. This is complemented by strong capital formation as contribution of investments to overall GDP has been increasing.