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Thursday, November 27, 2003
RP economy expands 4.4 percent in third quarter (1:27 p.m.)
MANILA -- The Philippine economy grew a better-than-expected 4.4 percent in the three months to September on the back of a strong agriculture sector, President Arroyo said Thursday.
The government had forecast gross domestic product (GDP) growth of between 3.8 percent and 4.3 percent for the third quarter with a full-year growth target of 4.2 to 5.2 percent.
Arroyo predicted growth could improve further during the year's last quarter despite political uncertainty ahead of the May 2004 presidential elections.
"The fourth quarter will definitely push the blue line upward if we keep on track," she said in a statement.
Arroyo is expected to face a stiff challenge in the elections, including from local movie star Fernando Poe, who announced his candidacy on Wednesday, resulting in a negative reaction from the financial markets Thursday.
She said gross national product (GNP), which captures remittances from the millions of overseas Filipino workers, grew by a spectacular 5.9 percent.
In a media briefing on the performance of the economy, national statistics chief Romulo Virola said the agriculture sector grew 5.5 percent in the third quarter compared to a mere 1.6 percent in the second.
The services sector, which accounts for more than 40 percent of the economy, grew 5.6 percent in the third quarter, maintaining the strong performance of earlier this year.
Virola credited heavy consumer spending for the growth as personal consumption expenditure rose 4.9 percent in the July-September period.
Socioeconomic Planning Undersecretary Raphael Lotilla said that the country is on-track to post GDP growth of about 4.2 percent and GNP growth of as much as 5.4 percent for the whole of this year. (AFP) |
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