Philippines: Fastest Growing Asian Country

For the first quarter of 2013, the Philippines has the fastest growing economy among Asian countries. This was announced by the National Statistical Coordination Board (NSCB) today.

NSCB announced that the country’s gross domestic product (GDP) grew by 7.8 percent in the first quarter (Q1) of 2013, faster than China which is 7.7 %, Indonesia 6 %, Thailand 5.3 %, and Vietnam 4.9 %, says Secretary of Socio-economic Planning of the Philippines Arsenio Balisacan in a press conference.

NSCB has attributed the 7.8 percent increase in the GDP of the country to the strong performance of the manufacturing and construction sectors, as well as the increase in government and consumer spending.

The growth rate is the second fastest of the country since the 8.9 percent in one quarter in 2010, Balisacan said.

The industry sector, composed of mining, manufacturing, and construction on the other hand, grew by 10.9 percent, a rate higher than the recorded 5.3 and 8.9 percent during the first and last quarter of 2012.

The Mining and Quarrying industry grew by 17 percent in Q1 of 2013, an exponential increase compared to 1.7 and 2.8 percent in the first and last quarter of the previous year.

Manufacturing industry grew by 9.7 percent this year, higher than the 6 and 5.5 percent in the first and last quarters of 2012.

Construction industry, meanwhile, further increased to 32.5 percent compared to 29.9 percent in the fourth quarter of the previous year.

The services and agriculture sectors also contributed to the growth of the country’s economy with 7 percent and 3.3 percent, respectively.

Source: wwww.newsinfo.inquirer.net