PHILIPPINES STILL THE LEADING ECONOMY IN SOUTHEAST ASIA AS GDP GROWS BY 6.4 PERCENT IN Q1
Even though its growth slowed…
Even though its growth slowed due to lack of election spending, the Philippine economy sustained its lead in Southeast Asia, according to official data released on Thursday.
In the first three months of the year, the Philippines’ Gross Domestic Product grew by 6.4 percent, slower than the 6.8 percent forecast of Reuters polls’ economist, as well as the 6.6-percent growth in the previous quarter.
Socioeconomic Planning Secretary Ernesto Pernia said the growth was faster than other countries like Indonesia, Thailand and Vietnam. Also, it is second only to China — which increased 6.9 percent in the January to March period.
“The domestic economy is poised to maintain its growth momentum with the recovery of external trade and the private sector’s steadfast optimism,” Pernia said.
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