Philippines' GDP growth slows to 7% in 3Q

Not a cause for panic, says analyst.

According to DBS, 3Q GDP growth came in at 7.0% YoY, slightly below its forecast of 7.3%. Breakdown of the 3Q data still shows a strong domestic demand, with private consumption growth back up above 6% YoY in the period.

Here's more:

Indeed, both investment and private consumption growth continued to contribute bulk of the growth seen in 3Q, with net exports still a drag.

Moreover, it is also encouraging to note that manufacturing sector continued to grow at 9.7% YoY in 3Q. Full-year growth in this sector is likely to be circa 9% YoY, almost double the 5.3% recorded in 2012.

Recent trade data suggested that exporters are gearing up for a pick-up in export demand into 2014 and this should prove to be supportive for the economy as a whole.

The slightly lower GDP growth number is on the back of moderation in private investment in the construction sector during the period.

This is not a cause for a panic as yet, and indeed, some moderation maybe preferred to avoid excessive overheating of the economy going into 2014.

Note also that 2Q GDP growth was revised up slightly to 7.6% YoY from 7.5%. The government indicated that impact of recent calamities may shave off about 0.3-0.8 percentage points off 4Q GDP. This should still mean 4Q GDP growth will come in around 5.5-6.0% YoY. GDP growth is still on track to reach 7% YoY for 2013.

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