Philippines’ GDP up 4.5% in 2nd qtr
MANILA, Aug. 29 Kyodo
The Philippines’ gross domestic product (GDP) expanded by a stronger-than-expected 4.5% over a year earlier in the second quarter of the year, bringing GDP growth for the first six months of 2000 to 3.9%, Socioeconomic Planning Secretary Felipe Medalla announced Tuesday.
Strong showings in the agriculture and services industries accounted for the bulk of the growth for the April-June period, Medalla said at a press conference.
GDP growth for the second quarter of 1999 was 3.6%. For the first half of 1999, it was 2.2%.
”The GDP growth is higher than the average growth forecast of private-sector analysts of 3.5% and even the government’s target of 3.6-3.8%,” Medalla said in a statement distributed at the event.
Agriculture, fishery and forestry rose 4.8% in the second quarter due to double-digit growth in the production of rice, corn, coconuts and bananas, he added.
The services sector topped government forecasts and its first-quarter expansion by rising 5.0%, with communications jumping 22.4% due to a surge in demand for cellular telephones.
Industrial production, meanwhile, was up 3.7% due to a 6.2% growth in manufacturing and a 6.4% expansion in electricity, gas and water.
Medalla said the country’s gross national product (GNP), which includes income from abroad and money remitted by Philippine workers overseas, rose 4.6% in the second quarter compared with 4.0% during the same period last year.
GNP grew 4.0% for the first half of the year against 2.8% during the same period last year.
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