Is­lands’ econ­omy grew 7% in quar­ter be­fore storm hit

The Washington Times Daily - - Business - From wire dis­patches and staff re­ports.

MANILA | The Philip­pine econ­omy ex­panded 7 per­cent in the third quar­ter, but growth is ex­pected to slow be­cause of dev­as­ta­tion from the su­per typhoon that hit east­ern and cen­tral re­gions ear­lier this month.

Growth for the first nine months of the year was 7.4 per­cent, mak­ing the Philip­pines one of the world’s fastest grow­ing economies.

The gov­ern­ment ear­lier low­ered this year’s growth fore­cast to a range of 6.5 to 7 per­cent from 7.3 per­cent to re­flect dam­age to agri­cul­ture and in­dus­try from Typhoon Haiyan, which killed more than 5,500 peo­ple.

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