Arroyo upbeat on GDP growth

February 17, 2008  --  Got something to say?
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Malacanang hailed the report by the National Statistics Office that the Philippine economy grew by 7.3 percent last year, the highest in 31 years. Gross domestic product (GDP) growth for the fourth quarter was 7.4 percent, from 5.5 percent last year. Growth was solid, coming from the services sector, officials said.

Agriculture grew by 5.1 percent from 3.8 percent in 2006; industry expanded 6.6 percent from 4.5 percent; and services went up 8.7 percent from 6.7 percent. But the turbulence the economy is likely to face this year started having its effects felt in the fourth quarter when the growth in overseas workers remittances slowed down from 13.3 percent in 2006 to 12.6 percent last year. Augusto Santos, National Economic and Development Authority director general, said NEDAs assumption is that a 1 percentage reduction in US economic growth could result in 1.764 percent reduction in local growth.


Posted by News Team | Filed Under Philippine News 

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