The Philippine economic output in the second quarter of the year decelerated to a low 3.4 percent growth as the country braced for the impacts of various uncertainties in the global market, the National Statistical Coordination Board (NSCB) reported Wednesday.
The figure is 1.5 percentage points lower than the gross domestic product (GDP) rate recorded in the previous quarter and significantly lower than the 7.9 percent rate recorded in the same period in 2010.
Moreover, the second-quarter figure is well below the 4.5 percent to 5.5 percent forecast rate of the National Economic Development Authority (NEDA).
GDP is the amount of goods and services produced by a country in a given period.
In a statement, Socioeconomic Planning Secretary Cayetano Paderanga said the slow growth in the quarter was expected due to the “tapering off of the base effect and the absence this year of growth drivers in the second quarter of 2010.”
These growth drivers include electron-related spending as well as the “stronger than expected” recovery from the global financial crisis, he specified.
Despite the slow overall output, the NSCB said the economy benefited from headline growth in the agriculture and services sector, which grew by 7.1 percent and 5.0 percent, respectively, during the quarter.
“On the demand side, the growth came mainly from consumer spending as fixed capital formation particularly Construction has not really felt the promise of the Public and Private Partnership program, while external trade has been lackluster at best,” said Romulo Virola, NSCB secretary-general, in a statement.
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