Business News
Philippine economic growth slows down in 2011
Jan 30, 2012, 5:31 GMT
Manila - Philippine economic growth slowed down in 2011 as negative global conditions hurt exports and a series of devastating cyclones caused heavy damages, the government said Monday.
Gross domestic product (GDP) grew 3.7 per cent in 2011, down from 7.6 per cent in the previous year, according to the National Statistical Coordination Board.
'Unfortunately, a myriad of external shocks has buffeted the economy since the beginning of the year,' said Socio-Economic Planning Secretary Cayetano Paderanga, citing high oil prices, weakness in the US and European economies and the tragedies in Japan and Thailand.
A series of typhoons and weather disturbances also affected agriculture and infrastructure in 2011, causing damages that represent about 0.63 per cent of the GDP, he added.
In the fourth quarter of 2011 alone, 'exports contracted by 10.8 per cent, which in turn led to a 5.5 per cent contraction in total goods and services exports,' Paderanga said.
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