Economy grew 7.2% despite disasters

By Michelle V. Remo

Philippine Daily Inquirer

11:27 am | Thursday, January 30th, 2014

Socioeconomic Planning Secretary Arsenio Balisacan . INQUIRER FILE PHOTO

MANILA, Philippines–The Philippine economy grew by 7.2 percent in 2013, staying on as one of the fastest growing economies in Asia, the Philippine Statistics Authority announced Thursday.

For the fourth quarter alone, the Philippine economy grew by 6.5 percent, slower than the growth rates in the three previous quarters, due to the impact of Supertyphoon “Yolanda.”

In a press conference, Socioeconomic Planning Secretary Arsenio Balisacan said the economic growth last year was driven by consumer and government spending, as well as increased investments by the private sector.

“Indeed growth could have been better have we not been perturbed by calamities,” Balisacan said.

“Nonethess, the Philippines remained one of the fastest growing economies in Asia,” he added.

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Tags: Business , economy , Philippines

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