The Philippine economy grew at a slower-than-expected pace in the third quarter, and expansion in the current quarter is expected to be suppressed further in the wake of the devastating typhoon earlier this month.
Data on Thursday showed gross domestic product (GDP) growth coming in at 7 percent on year in the July-September quarter, slower than the 7.3 percent consensus forecast in a Reuters poll and worse than the 7.5 annual pace in the second quarter.
(Read more: Will typhoon Haiyan derail the Philippine economy?)
On a quarterly basis, the economy grew 1.1 percent, short of analysts' 1.4 percent target and slower than the 1.6 percent in previous quarter.
The government now expects the typhoon to shave off as much as 0.8 percentage point from fourth quarter GDP, Reuters reported Thursday quoting the economic planning agency.
Regardless, the 6-7 percent full-year growth estimate is still well within reach, said Finance Secretary Cesar Purisma, as rebuilding efforts will help to boost growth going forward.