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Philippine GDP up 7.3% in Q1

Updated:2010-05-27 14:44:20

The National Statistical Coordination Board (NSCB) reported Thursday that Philippine GDP grows at 7.3% in Q1 thanks to election spending and global recovery that boosted exports.

"On the demand side, increased consumer and government spending boosted by the solid performance of external trade and increased investments in fixed capital formation contributed to the highest economic growth since the fourth quarter of 2000," Romulo A. Virola, NSCB Secretary-General, told a press briefing.

Political campaigns ahead of the May 10 general elections and steady remittances from overseas Filipino workers boosted consumer spending, expanding 5.9 percent in the first quarter. Government Consumption Expenditure (GCE) surged to an all time high of 18.5 percent.

The industry sector rose 15.7 percent, while the services sector expanded 6.1 percent. The agriculture, fishery and forestry sector contracted 2.5 percent owing to the El Nino.

The sustained global demand for Philippine labor pushed the GNP to grow by 9.5 percent. This is the highest GNP growth since the fourth quarter of 1988.

 

 

Source:http://news.xinhuanet.com

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