The Philippine economy grew at its fastest pace last year since democracy was restored more than two decades ago, expanding 7,3 percent on the back of a global upswing, the government said Monday.
The growth is a fillip for (cadeau til) President Benigno Aquino’s new government as it seeks to attract more foreign investment and enable the long underperforming economy to catch up with its fast-developing Asian neighbours, analysts said.
The Asian countrys gross domestic product (BNP) expanded by 7,1 percent in the October-December quarter from the year-earlier period, the National Statistics Coordination Board reported Monday. Compared to the previous quarter, fourth-quarter growth was up 3 percent.
Head of the government’s statistical board Romulo Virola said the growth surpassed official growth projections of 5 percent to 6 percent. The economy grew only 1,1 percent in 2009, hit by the global financial crisis.
The government projected growth of 7 percent to 8 percent for 2011. Virola said expansion in industry supported by growth in the services sector propelled the economy.
Kilde: www.worldbank.org
