Business News

Philippine economic growth slows down in third quarter

Nov 26, 2009, 8:20 GMT

Manila - The Philippines' economic growth slowed to 0.8 per cent in the third quarter of 2009 from a year ago, the government said Thursday. The gross domestic product (GDP) growth from July to September was down from 4.6 per cent from the same three-month period last year, the National Statistical Coordination Board said. It matched the revised second-quarter growth of 0.8 per cent, it added. Gross national product, which includes income from abroad such as remittances of overseas Filipinos, grew by 3.5 per cent, down from 6.2-per-cent increase last year. 'While some sectors are showing definitive signs of recovery from the global crisis, the domestic economy remains fragile,' board Secretary General Romulo Virola said. Virola said services propped up the economy with a 4-per cent growth, while agriculture posted a 'lacklustre growth' of 1.6 per cent. 'Industry continues to be dogged by the crisis, declining by 4.4 per cent, the lowest since the fourth quarter of 1998,' he said. Despite the slowdown, Socio-economic Planning Secretary Augusto Santos said the government was confident it could meet its growth target of between 0.8 per cent and 1.8 per cent for 2009.

Business News

Philippine economic growth slows down in third quarter

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