Philippines expects to surpass 2010 GDP growth goal
Posted at 12/23/2010
MANILA, Philippines (UPDATE) - The country will likely surpass its 2010 GDP growth target of 5% to 6%, with growth possibly hitting as much as 7%, Socioeconomic Planning Secretary Cayetano Paderanga said on Thursday.
Paderanga said the government was also hopeful of achieving its growth goal of 7% to 8% next year despite some signs of moderation in the global economy.
The Philippine economy expanded by 6.5% in the third quarter of the year, below market expectations and slower than the growth in the second and first quarters of 8.2% and 7.8%, respectively.
Seasonally adjusted GDP contracted by 0.5% in the third quarter.
The National Economic Development Authority had said economic growth was expected to lose some strength as effects of government pump-priming and election spending early in the year have faded.
GDP growth for the first 9 months, however, averaged 7.5%, well above the full-year 2010 target. - With a report from Reuters
Paderanga said the government was also hopeful of achieving its growth goal of 7% to 8% next year despite some signs of moderation in the global economy.
The Philippine economy expanded by 6.5% in the third quarter of the year, below market expectations and slower than the growth in the second and first quarters of 8.2% and 7.8%, respectively.
Seasonally adjusted GDP contracted by 0.5% in the third quarter.
The National Economic Development Authority had said economic growth was expected to lose some strength as effects of government pump-priming and election spending early in the year have faded.
GDP growth for the first 9 months, however, averaged 7.5%, well above the full-year 2010 target. - With a report from Reuters
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