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Philippine growth slowest in 3 years as inflation hits spending

Achieving 2018 goal now 'challenging,' Duterte's economic planner says

Consumer spending continued its decline for a third straight quarter, dragging down overall growth.   © Reuters

MANILA -- The Philippines' economic growth for the third quarter slowed to 6.1% on the year, as rising inflation and interest rate hikes discouraged households from spending, the government said on Thursday.

Gross domestic product in the quarter was the slowest in three years and brought down growth for the first nine months to 6.3%. The reading falls below the government's revised 6.5% to 6.9% target. The economy now needs to grow by at least 7% for the rest of the year to reach the low end of the goal.

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