Philippine president says economy grew 7.6% y/y in Q3

MANILA (Reuters) -Philippines President Ferdinand Marcos Jr. said on Thursday his country’s economy expanded 7.6% in the third quarter from a year earlier, beating expectations, despite headwinds posed by soaring inflation.

Marcos made the announcement during a meeting with businessmen in Cambodia where he is attending the ASEAN summit, the office of the press secretary said in a Facebook (NASDAQ:) post.

The official data will be released on Thursday at 0200GMT.

Analysts polled by Reuters had expected gross domestic product to grow 6.3% on an annual basis, below the previous quarter’s upwardly revised 7.5% growth.

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