30 May '11, 5am

Philippine economy grew 4.9% in Q1

Philippine economy grew 4.9% in Q1

MANILA: The Philippines said Monday its economy expanded by a lower-than-expected 4.9 per cent in the three months to March, due to a drop in global trade and less spending on infrastructure. The National Statistical Coordination Board said first quarter growth in gross domestic product was lower than the 8.4 per cent GDP in the same period last year, when economic activity was boosted by election-related spending. "Underspending by the government and the slowdown in global trade constricted the economy to a lower growth... of 4.9 per cent in the first quarter," the agency's secretary general Romulo Virola said in a statement. The government said earlier it was aiming for a full-year GDP growth rate of seven to eight per cent. Gross national income, which includes income from abroad, expanded 3.6 per cent from 11.5 per cent the previous year. The drop in the growth rate wa...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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