June 03, 2013

Philippine economy posts 7.8% GDP growth

The Philippine economy posted a 7.8% GDP growth in the first quarter of 2013 from 6.5%  the previous year. The Q1 growth is the highest so far under the Aquino administration and the highest quarterly GDP growth since the second quarter of 2010.

All major sectors contributed positively to growth during the period, with services expanding by 7.0%, industry by 10.9% and the agriculture sector by 3.35%. Increased domestic demand led to the local manufacturing sector growing at 9.7%  while the construction sector grew by 32.5%  in the first three months of the year.

For the first time, expenditure in capital formation (+47.7%), including other private sector investments such as on durable equipment, contributed more to growth than household consumption expenditure.  Government consumption also grew by 13.2% due to state support for social programs. - WealthSec