Kimmy
INAH MARIE A. STA ROSA
BSBA 4TH YR
Mining & Construction
MANILA, Philippines –- The Philippines has the fastest growing economy among Asian countries for the first quarter of 2013, the National Statistical Coordination Board (NSCB) announced Thursday.
NSCB announced that the country’s gross domestic product (GDP) grew by 7.8 percent in the first quarter of 2013, faster than China (7.7 percent), Indonesia (6 percent), Thailand (5.3 percent), and Vietnam (4.9 percent), Secretary of Socioeconomic Planning of the Philippines Arsenio Balisacan said in a press conference aired live on television Thursday.
NSCB attributed the 7.8 percent increase in the GDP of the country to the strong performance of the manufacturing and construction sectors, as well as the increase in government and consumer spending.
Officials said that the quarterly growth rate was the highest since reformist President Benigno Aquino III took office in 2010 on a promise to fight corruption and cut poverty. Aquino’s allies won majorities in both houses of Congress in elections early this month, making it possible for Aquino to push through with his legislative agenda in the remaining three years in power.
The Philippines has bucked a regional trend of slowing growth amid recession in Europe and a slow recovery in the United States. It expanded faster than Asian powerhouse China, where the economy unexpectedly slowed to 7.7 percent growth in the first quarter.
The industry sector, composed of mining, manufacturing, and construction, grew by 10.9 percent, higher than the recorded 5.3 and 8.9 percent during the first and last quarter of 2012.
The Mining and Quarrying industry contracted by 17 percent in Q1 of 2013, compared to 1.7 and 2.8 percent increase in the first and last quarter of the previous year.
Manufacturing industry grew by 9.7 percent this year, higher that the 6 and 5.5 percent in the first and last quarter of 2012.
Construction industry, meanwhile, further increased to 32.5
BSBA 4TH YR
Mining & Construction
MANILA, Philippines –- The Philippines has the fastest growing economy among Asian countries for the first quarter of 2013, the National Statistical Coordination Board (NSCB) announced Thursday.
NSCB announced that the country’s gross domestic product (GDP) grew by 7.8 percent in the first quarter of 2013, faster than China (7.7 percent), Indonesia (6 percent), Thailand (5.3 percent), and Vietnam (4.9 percent), Secretary of Socioeconomic Planning of the Philippines Arsenio Balisacan said in a press conference aired live on television Thursday.
NSCB attributed the 7.8 percent increase in the GDP of the country to the strong performance of the manufacturing and construction sectors, as well as the increase in government and consumer spending.
Officials said that the quarterly growth rate was the highest since reformist President Benigno Aquino III took office in 2010 on a promise to fight corruption and cut poverty. Aquino’s allies won majorities in both houses of Congress in elections early this month, making it possible for Aquino to push through with his legislative agenda in the remaining three years in power.
The Philippines has bucked a regional trend of slowing growth amid recession in Europe and a slow recovery in the United States. It expanded faster than Asian powerhouse China, where the economy unexpectedly slowed to 7.7 percent growth in the first quarter.
The industry sector, composed of mining, manufacturing, and construction, grew by 10.9 percent, higher than the recorded 5.3 and 8.9 percent during the first and last quarter of 2012.
The Mining and Quarrying industry contracted by 17 percent in Q1 of 2013, compared to 1.7 and 2.8 percent increase in the first and last quarter of the previous year.
Manufacturing industry grew by 9.7 percent this year, higher that the 6 and 5.5 percent in the first and last quarter of 2012.
Construction industry, meanwhile, further increased to 32.5