by: Karen Cayamanda
Thursday, May 19, 2016 |
In the second to the last quarter of President Benigno Aquino III's administration, the Philippine Statistics Authority said the gross domestic product growth of the country reached 6.9 percent, exceeding previous forecasts.
With this GDP growth, Socioeconomic Planning Secretary Emmanuel Esguerra said the country is the fastest-growing economy among 11 countries in the region. For the first quarter, it has surpassed growth rates in China which posted 6.7 percent, Vietnam with 5.5 percent, Indonesia with 4.9, and Malaysia which reached 4.2 percent. He hopes that the incoming administration would build on the socioeconomic gains that the present administration has achieved in the last five years.
GDP refers to the total value of all goods and services that were produced. The country's Q1 GDP growth was higher than the 6.5 percent posted in the fourth quarter of last year.
Esguerra said investments on the demand side greatly contributed to the economic growth in the first quarter. Likewise, public construction posted 39.9 percent growth from January to March. However, the country saw a decrease in exports with only 6.6 percent growth.
Esguerra added that overall, the economy sees encouraging growth prospects for the coming months. It is also said to be on track in reaching the 2016 target of 6.8 to 7.8 percent.
As for the International Monetary Fund and the Asian Development Bank, strong domestic demand would sustain strong economic growth. These financial institutions have predicted that the Philippine GDP growth would hit six percent this year and 6.2 percent in 2017.
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