Thursday, May 30, 2013

Philippines posts 7.8% growth in first quarter


The Philippine economy recorded a surprising 7.8 percent growth in the first quarter of 2013, the fastest in Asia, and its own second-highest growth rate, the National Statistical Coordination Board announced on Thursday.

It was a sharp increase from the 6.5 percent in the same period last year and was driven by healthy growth in heavy industry, and by both public and consumer spending. The boost was also attributed to strong services, industrial and agriculture sectors, Socio-Economic Planning Secretary Arsenio Balisacan told reporters.

Mining, manufacturing, and construction together grew by 10.9 percent.

The overall growth rate beat China's 7.7 percent, Indonesia on 6 percent, Thailand with 5.3 percent, and the 4.9 percent posted by Vietnam for the same period, he said.

It was the country's second-highest year-on-year increase, behind a 8.9-percent leap posted in the second quarter of 2010, Balisacan said.

The government expects the economy to grow by 6 to 7 percent in 2013.

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