Gov’t spending, more industrial investments cited
By Michelle V. Remo
Philippine Daily Inquirer
4:41 pm | Thursday, November 28th, 2013
FILE PHOTO
MANILA, Philippines—The Philippine economy expanded by 7 percent in the third quarter from a year ago, staying on as one of the fastest-growing economies in Asia.
This was according to the National Statistical Coordination Board, which announced Thursday that the growth rate for the third quarter brought the average for the first three quarters of the year to 7.4 percent.
The Philippines’ growth rate for the third quarter was the second fastest in Asia for the period, behind China’s 7.8 percent.
It was, however, slower than the 7.3 percent registered in the same period in 2012.
Arsenio Balisacan, director general of the National Economic and Development Authority (Neda) attributed the slowdown to the adverse impact of unfavorable weather conditions to the agricultural sector as well as lower net exports due to anemic global demand.
He said that the growth rate, nonetheless, stayed in the 7-percent territory because of higher government spending and higher private sector investments in the industrial sector.
For the fourth quarter, the NEDA expects the economy to slow down to a range of 4.1 and 5.9 percent due to the adverse effect of “supertyphoon Yolanda.”
For the full year, the Neda projects economic growth to settle within the range of 6.5 and 7 percent.
The government’s official growth target for this year is set at a band of 6 to 7 percent.
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Tags: Arsenio Balisacan , Business , economic growth , economy , government spending , Gross Domestic Product , industrial sector , industries , National Economic and Development Authority , Philippine economy , Philippine government
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