QUEZON CITY (PIA) -- The country’s third quarter economic performance or gross domestic product (GDP) grew to  7.6 percent amid current domestic and international headwinds.

This is a sign that Philippines is on track to achieving  growth assumption of 6.5 to 7.5 percent for 2022 made by the Development Budget Coordination Committee.

The country’s economy grew faster than Indonesia and Singapore for the first three quarters of 2022.

All major production sectors registered positive growth, suggesting a broad-based expansion despite the increase in international and domestic commodity prices.

The services sector leads growth (9.1 percent) which was driven by trade and financial and insurance activities.

Last November 9, the Philippine Statistics Authority revised the second quarter’s GDP growth rate from the preliminary estimate of 7.4 percent to 7.5 percent. (DOF / PIA-NCR)