Science

Philippines Q1 GDP grows 6.4 pct% yoy, slowest in 1-1/2 years

Philippines Q1 GDP grows 6.4 pct% yoy, slowest in 1-1/2 years

But the Philippines remains one of the fastest growing economies in Asia with robust consumption, which fueled last year's growth, continuing to bolster economic activity as exports pick up.

Socioeconomic Planning Secretary Ernesto Pernia noted the absence of election-related spending.

He said the Philippines overtook both Vietnam's and Indonesia's 5.1 percent growth, and Thailand's 3.3 percent, while second to China's 6.9 percent growth.

"It is, however, lower than desirably expected, and for this we were somewhat downcast because we were expecting something like around the midpoint of growth range 6.5-7.5 percent".

"Our first quarter performance bodes well for the economy as it is broadly in line with this year's government target of 6.5-7.5 percent".

Economists polled by The Wall Street Journal had projected first quarter growth at 6.9%. Meanwhile, India has not yet released its economic figures.




Agriculture growth accelerated to 4.9%.

Services-accounting for about half of GDP-rose 6.8% from a year earlier, while the industrial sector expanded 6.1%.

From the demand side, main contributors of GDP growth in the first quarter were household consumption as well as investments in durable equipment and construction.

The economy grew a seasonally adjusted 1.1 percent from the previous three months, also less than the 1.5 percent forecast in a Reuters poll and the slowest in eight quarters.

Despite the slower-than-expected growth, the government is poised to maintain, Pernia said, the economic growth momentum with the recovery of external trade and private sector's steadfast optimism.


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