PHL economic chief hopes Q2 GDP took the cue from Q1's 6.4% growth
The gross domestic product's 6.4% growth in the first quarter of 2012 set the bar for the rest of the year, and the country's Socioeconomic chief hopes the economy sustained the momentum for the April-June period.
“We’re hoping we get close to 6.4 percent in the second quarter,” Socioeconomic Planning Secretary Arsenio Balisacan said on the sidelines of the 2013 budget hearing at the House of Representatives.
“Real GDP growth is projected to grow by 5 percent to 6 percent. The 6.4 percent growth in the first quarter gives us a sense that GDP growth [for the whole year] would hit the higher end of the range,” he said in his presentation.
He said growth would be driven by better labor and employment opportunities, strong dollar remittances from overseas Filipinos and the country’s growing retail sector among other sectors.
Balisacan cited several bright spots in the economy which could help cushion the economy from global risks.
"The government has enough fiscal latitude…. Beyond government statistics, we have reinforcing indicators such as governance and competitiveness indicators, credit rating agencies, upbeat private sector, and high stock market indices,” he said.
In the first quarter of the year, GDP grew by 6.4 percent from the revised 4.9 percent a year earlier, thanks to the strong performance of the services and industry sectors which grew 8.5 percent and 4.9 percent, respectively.
The latest forecast of the the interagency Development Budget Coordination Committee (DBCC) is that the economy would grow 6-7 percent in 2013, 6.5-7.5 percent in 2014, 7-8 percent in 2015 and 7.5-8.5 percent in 2016.
During Wednesday's hearing, Balisacan said the country needs to develop its own industries for economic growth to hit the 7 percent to 8 percent range. — BM/VS, GMA News
“We’re hoping we get close to 6.4 percent in the second quarter,” Socioeconomic Planning Secretary Arsenio Balisacan said on the sidelines of the 2013 budget hearing at the House of Representatives.
“Real GDP growth is projected to grow by 5 percent to 6 percent. The 6.4 percent growth in the first quarter gives us a sense that GDP growth [for the whole year] would hit the higher end of the range,” he said in his presentation.
He said growth would be driven by better labor and employment opportunities, strong dollar remittances from overseas Filipinos and the country’s growing retail sector among other sectors.
Balisacan cited several bright spots in the economy which could help cushion the economy from global risks.
"The government has enough fiscal latitude…. Beyond government statistics, we have reinforcing indicators such as governance and competitiveness indicators, credit rating agencies, upbeat private sector, and high stock market indices,” he said.
In the first quarter of the year, GDP grew by 6.4 percent from the revised 4.9 percent a year earlier, thanks to the strong performance of the services and industry sectors which grew 8.5 percent and 4.9 percent, respectively.
The latest forecast of the the interagency Development Budget Coordination Committee (DBCC) is that the economy would grow 6-7 percent in 2013, 6.5-7.5 percent in 2014, 7-8 percent in 2015 and 7.5-8.5 percent in 2016.
During Wednesday's hearing, Balisacan said the country needs to develop its own industries for economic growth to hit the 7 percent to 8 percent range. — BM/VS, GMA News
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