Philippines posts 7.5 percent growth in second quarter
The Philippines’s economy grew 7.5 percent in the second quarter of this year, 1.2 percent higher than the same period last year’s level, the country’s National Statistical Coordination Board (NSCB) said on August 29.
The Philippines’s economy grew 7.5 percent in the second quarter of thisyear, 1.2 percent higher than the same period last year’s level, thecountry’s National Statistical Coordination Board (NSCB) said onAugust 29.
NSCB attributed the impressive economic growth to increases in public and consumer spending.
The board said this is a positive signal for the Philippines inthe context of declining stock and monetary markets as foreign investorspull out of emerging economies in expectation of an end to the USFederal Reserve's stimulus.
NSCB reports alsoshowed that the Q2 growth helped bring the country’s GDP growth in thefirst six months of 2013 to 7.6 percent, compared to 6.4 percent in thesame period last year.
The service sector, with agrowth of 7.4 percent, remains a key factor in promoting thePhilippines’ economic growth. Besides, the production andconstruction sectors, which grew 10.3 percent and 17.4 percentrespectively, also pushed the country’s industrial sector up 10.3percent.
Experts says with this speed, the Philippine economy is now expanding faster than any others in Southeast Asia.-VNA
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