(RTTNews) - Philippines’ gross domestic product expanded a seasonally adjusted 1% sequentially in the third quarter, slower than the downwardly revised 1.7% growth in the second quarter, the National Statistical Coordination Board reported on Thursday. Economists had expected a 1.3% increase.

The services sector grew 1.9% sequentially in the third quarter, building on the 1.2% increase in the preceding quarter. The agriculture, fishery & forestry sector climbed 0.9%, while the industrial sector contracted 0.5%, slackening economic growth.

On a yearly basis, gross domestic product gained 0.8% in the third quarter, the same rate of growth as in the previous quarter. Economists had expected a 1.9% rise.

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