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Economy grew 5.2-5.8% in 3rd quarter-NEDA exec
« on: January 18, 2017, 11:53:47 AM »
Economy grew 5.2-5.8% in 3rd quarter-NEDA exec
Published: November 26, 2006 by The Bohol Standard

THE ECONOMY in the third quarter likely grew by 5.2-5.8 percent from a year earlier, supported by strong exports and sustained growth in farm output, with brisk remittances from Filipinos working abroad boosting domestic demand.

Dennis Arroyo, director for planning and policy at the National Economic and Development Authority (NEDA), also said the economy would likely sustain the growth momentum in the fourth quarter.

Domestic consumption is expected to remain strong in the last quarter given the seasonal surge in remittances during the Christmas holidays, he added.

The Department of Agriculture last week said the farm sector in the third quarter posted growth of 4.27 percent from a year earlier despite the strong typhoons during the period, seeing a sustaining growth in the farm sector in the last quarter.

Economic Planning Secretary Romulo Neri said in October that he expected third quarter GDP to grow at about 5.5 percent or above, putting the economy on track for at least 5.6 percent growth in 2006.

Last week, the International Monetary Fund upgraded its growth outlook on the economy to an annual rate of 5.5 percent this year and 5.8 percent in 2007 due to double digit export growth and an improving investment climate. The country has benefited from strong overseas demand for electronics, strong domestic consumption fuelled by overseas remittances and a calmer political climate, which has encouraged higher foreign direct investment.

A quarterly poll by Reuters this month showed a median economic growth forecast of 5.5 percent this year, faster than the 5.0 percent in 2005, before easing to 5.3 percent in 2007 due to slower demand and a mild drought.
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