Philippines unlikely to meet full-year growth target after economy slows in 3Q

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The Philippines is unlikely to meet its 2014 growth target after the economy's expansion slowed to 5.3 percent in the third quarter.

Growth was dragged down by a decline in agriculture and slower expansion in services and industry. The economy grew 6.4 percent in the previous quarter.

Economic Planning Secretary Arsenio Balisacan said Thursday that growth for the first nine months was 5.8 percent.

He said hitting even the low of the govenrment's 6.5-7.5 percent target "would pose a big challenge."

The economy would have to expand 8.2 percent in the fourth quarter to meet the target.

The biggest decline was in agriculture and fisheries, which fell by 2.7 percent due to damage from typhoons.

The Philippine economy grew 7 percent in the third quarter of last year.