THE Philippine Statistics Authority said on Thursday that the country’s economy has started to regain in the third quarter of 2023.

According to the PSA, the economy, which is measured by the gross domestic product (GDP) or the total value of goods and services produced in a period, is now pegged at 5.9% during the July to September 2023 period.

PSA chief and National Statistician Claire Dennis Mapa explained that this is faster than the 4.3% growth rate in the second quarter of the year.

“We are pleased to announce that the Philippine economy continues to grow despite several major headwinds that we have experienced and continue to experience,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.

“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,” he added.

The PSA noted that the third quarter economic performance has now brought the year-to-date or the January to September 2023 GDP growth rate to 5.5%.