by FFE PH News staff

The Philippines’ Gross Domestic Product (GDP) continuous to grow in the third quarter of 2013, says the National Statistical Coordination Board (NSCB).

“The domestic economy grew by 7.0 percent in the third quarter of 2013 from 7.3 percent recorded the previous year boosting the 2013 first nine months growth to 7.4 percent from 6.7 percent last year,”  according to the NSCB.

NSCB said the economic growth was driven largely by the Services sector. The strong performance from the Real Estate, Renting and Business activities and Trade and Financial Intermediation upheld the continuous growth of the Industry sector.

The Agriculture sector meanwhile bounced back to a 0.7 percent growth in the third quarter from a 0.7 percent decline in the previous quarter.

International agencies have previously commended the improving economy of the Philippines.

The World Bank’s ‘Doing Business’ report this year placed the Philippines 30 places up from its previous position last year. It is the biggest shift made by a country in the 2013 report.

Finance and credit agency Moody’s Investors Service also awarded the Philippines a promotion in its capacity to pay off debts.

The GDP is one of the primary indicators to measure the size of a country’s economy. It is the total value of all the goods and services produced by an economy in a given period.