PhotosPhilippine economy slows
Philippine economic growth slowed in the third quarter, losing some steam on a decline in manufacturing and a sluggish farm sector.
The National Statistical Coordination Board said Thursday that gross domestic product rose 0.8% between July and September from the year-earlier period, matching the revised second-quarter growth of 0.8% and down from the 4.6% growth in the third quarter of 2008. The median forecast of 10 economists polled by Dow Jones Newswires was for growth of 1.9%.
NSCB Secretary-General Romulo Virola told reporters that while some sectors continued to recover from the global crisis, "the domestic economy remains fragile."
From a quarter earlier, output rose 1.0% in the third quarter. In the second quarter, the comparative growth figure was revised down to 1.7%.
Services, which account for over half of GDP, rose 4.0% on year, while industry contracted 4.4% on year in the third quarter.
Agriculture, which generates a fifth of output but employs nearly four in every 10 Filipinos, expanded 1.6% on year.
Source: online.wsj.com
Philippine economic growth slowed in the third quarter, losing some steam on a decline in manufacturing and a sluggish farm sector.
The National Statistical Coordination Board said Thursday that gross domestic product rose 0.8% between July and September from the year-earlier period, matching the revised second-quarter growth of 0.8% and down from the 4.6% growth in the third quarter of 2008. The median forecast of 10 economists polled by Dow Jones Newswires was for growth of 1.9%.
NSCB Secretary-General Romulo Virola told reporters that while some sectors continued to recover from the global crisis, "the domestic economy remains fragile."
From a quarter earlier, output rose 1.0% in the third quarter. In the second quarter, the comparative growth figure was revised down to 1.7%.
Services, which account for over half of GDP, rose 4.0% on year, while industry contracted 4.4% on year in the third quarter.
Agriculture, which generates a fifth of output but employs nearly four in every 10 Filipinos, expanded 1.6% on year.
Source: online.wsj.com
Publication date: 11/26/2009
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Euro foreign exchange reference rates
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