By Rosemarie Francisco
The Philippines expects its economy to finish 2007 on a strong note due to an increase in exports and robust Christmas-related consumption but lose some steam next year due to a U.S. slowdown and higher oil prices.
The government's economic planning chief said on Monday he
expected annual gross domestic product (GDP) growth of at least
6.9 percent in the fourth quarter of 2007, putting the Philippines on track for 7 percent full-year growth, the fastest pace in over 30 years, according to Reuters calculations.
"In general, there's an increase in economic activity in the fourth quarter and particularly noteworthy in the fourth quarter is an increase in consumer spending," Augusto Santos told reporters.
The government has raised its 2007 growth forecast to 6.9-7.3 percent from 6.1-6.7 percent after the economy of the Southeast Asian country grew a solid 7.1 percent in the first three quarters from a year earlier.
Manila has also raised its target for next year's economic growth to 6.3-7.0 percent, above an earlier goal of 6.1-6.8 percent but below 2007 as exports are likely to be hit by the U.S. slowdown and high oil prices temper consumption.
ABS-CBN News
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