INQUIRER.net
10:16 am | Thursday, May 29th, 2014
MATIKAS SANTOS/INQUIRER.net
MANILA, Philippines – The Philippine economy grew 5.7 in the first quarter of 2014, the National Economic and Development Authority (Neda) announced in a press conference Thursday.
The Philippines has been dislodged as the best performing economy in Southeast Asia.
“Despite this, Philippines is third fastest growing in the region behind China and Malaysia,” Arsenio Balisacan, Secretary of Socio-Economic Planning, said.
“The relatively slow growth is expected given the magnitude of destruction by typhoon “Yolanda” (international name: Haiyan) to agriculture,” he said.
The agriculture sector grew 0.9 percent, a sharp contrast to its growth in the first quarter of 2013, when it grew 3.2 per cent. The industry sector grew 5.5 percent, while the services sector had the highest growth at 6.8 percent.
MATIKAS SANTOS/INQUIRER.net
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