Philippine economic growth decelerates for third straight quarter; GDP was 3.2% in Q3, down from 7.3% a year ago

MANILA, Philippines , November 28, 2011 () – Officials say the Philippine economy has decelerated for the third consecutive quarter amid Europe's debt crisis and weak U.S. growth.

Gross domestic product grew 3.2 percent in the third quarter, down 7.3 percent a year earlier.

National Planning Secretary Cayetano Paderanga said Monday that high fuel costs, typhoon damage and a drop in construction also are to blame for slower growth.

The board said the economy grew 3.6 percent from January to September, far from government's full year target of 4.5 percent to 5.5 percent. It grew a robust 8.2 percent during the first nine months of 2010.

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