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Philippine gross domestic product ( GDP) growth slowed to 5.3 percent in the third quarter from a year earlier as the expansion of all major economic sectors decelerated during the period, the local statistics agency said Thursday.
The Philippine Statistics Authority (PSA) said GDP growth in the July to September period is lower than the 6.4 percent recorded in the second quarter and the 7 percent posted a year ago.
PSA data showed that the growth of the services sector decelerated to 5.4 percent in the third quarter from 6.1 percent registered in the April to May period and the 7.7 percent posted in the third quarter of 2013.
Industry sector also slowed to 7.6 percent, slightly lower than the previous year's and previous quarter's growth of 7.7 percent and 7.9 percent, respectively.
"The entire agriculture sector declined by 2.7 percent, the lowest since the fourth quarter of 2009," the PSA said.
Among the three major economic sectors, PSA said the whole agriculture sector pulled down GDP growth in the third quarter.
Given the economy's performance in the third quarter, Socioeconomic Planning Secretary Arsenio Balisacan said hitting the low end of the government's target growth rate of 6.5 to 7.5 percent for 2014 would pose a "big challenge." GDP growth in the three quarters averaged 5.8 percent.
"We need to grow by at least 8.2 percent in the fourth quarter and we will brainstorm intensively on how we can come as close to this figure as possible," said Balisacan who is also director general of the National Economic and Development Authority.
He said he remains optimistic about the country's economic prospects despite slower GDP growth in the third quarter.
Balisacan said the government has stepped up spending for public infrastructure projects and reconstruction assistance in areas battered by super typhoon Haiyan, which is already gaining traction.
