While analysts had forecast a 5.4 percent expansion, growth has actually been recorded as being 7.1 percent higher than at the same time last year. These latest figures reinforce the fact that the Philippines has had one of the better performing economies in the region throughout 2012.
Observers have reacted positively to the news, with many stating that these robust numbers suggest that the Philippines will likely exceed its target of achieving six percent growth over the fiscal year.
The economy got a further boost as the Philippine National Statistical Coordination Board revised the numbers for the second quarter, announcing that economic growth was 1.2% on a quarter-on-quarter basis in the April to June period, up from its earlier figure of 0.2% growth.
The board also said the economy grew by 6.5% in the first nine months of the year.
