Philippine growth slows to 7% but remains region’s best

Manila streetThe Philippine economy remained the fastest growing in Southeast Asia and second only to China’s in entire Asia-Pacific despite easing slightly in the third quarter, Socioeconomic Planning Secretary Arsenio Balisacan announced on November 28.

GDP rose 7.4 per cent in the first nine months of 2013, from the 6.7 per cent in the same period in 2012. In the third quarter, however, growth was weaker at seven percent from 7.3 per cent recorded in the same period last year. Balisacan said they expect the devastation by supertyphoon Yolanda to shave off 0.8 percentage points in annual growth in the fourth quarter, although the full-year GDP expansion is likely to be close to the high end of the government’s 6-7 per cent target.

“How long will the impact linger in the coming months and years will depend on how quickly we can restore economic activity and livelihood in those areas,” Balisacan said.

“On the demand side, growth in the third quarter of 2013 came from increased investments in fixed capital, reinforced by consumer and government spending, and the robust growth in external trade,” Jose Ramon Albert, secretary-general of the National Statistical Coordination Board (NSCB), said.

 



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The Philippine economy remained the fastest growing in Southeast Asia and second only to China’s in entire Asia-Pacific despite easing slightly in the third quarter, Socioeconomic Planning Secretary Arsenio Balisacan announced on November 28. GDP rose 7.4 per cent in the first nine months of 2013, from the 6.7 per cent in the same period in 2012. In the third quarter, however, growth was weaker at seven percent from 7.3 per cent recorded in the same period last year. Balisacan said they expect the devastation by supertyphoon Yolanda to shave off 0.8 percentage points in annual growth in the fourth...

Manila streetThe Philippine economy remained the fastest growing in Southeast Asia and second only to China’s in entire Asia-Pacific despite easing slightly in the third quarter, Socioeconomic Planning Secretary Arsenio Balisacan announced on November 28.

GDP rose 7.4 per cent in the first nine months of 2013, from the 6.7 per cent in the same period in 2012. In the third quarter, however, growth was weaker at seven percent from 7.3 per cent recorded in the same period last year. Balisacan said they expect the devastation by supertyphoon Yolanda to shave off 0.8 percentage points in annual growth in the fourth quarter, although the full-year GDP expansion is likely to be close to the high end of the government’s 6-7 per cent target.

“How long will the impact linger in the coming months and years will depend on how quickly we can restore economic activity and livelihood in those areas,” Balisacan said.

“On the demand side, growth in the third quarter of 2013 came from increased investments in fixed capital, reinforced by consumer and government spending, and the robust growth in external trade,” Jose Ramon Albert, secretary-general of the National Statistical Coordination Board (NSCB), said.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

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