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Philippine economy grew by 5.7% in Q1

Publication Date : 29-05-2014

 

The Philippine economy grew 5.7 per cent in the first quarter of 2014, the National Economic and Development Authority (Neda) announced in a press conference on Thursday.

The first-quarter performance made the Philippines the third fastest growing country in the region, behind China and Malaysia, according to Philippine Economic Planning Secretary Arseno Balisacan.

“The relatively slow growth is expected given the magnitude of destruction by typhoon “Yolanda” (international name: Haiyan) to agriculture,” he said.

The agriculture sector grew by 0.9 per cent, a sharp contrast to its growth in the first quarter of 2013 of 3.2 per cent. The industry sector grew 5.5 per cent, while the services sector posted the highest growth during the period of 6.8 per cent.

 

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