Economic growth accelerated to 6.4 percent in the second quarter of 2014. The PH remains the fastest growing economy among major Asian countries for the period, tying with Malaysia’s performance, and overtaking other major ASEAN countries such as Indonesia (5.1%) and Thailand (0.3%).
Sec. Balisacan: I am pleased to report to you that economic growth accelerated to 6.4 percent in the second quarter of 2014. This higher growth rate, coming from a high base a year ago shows that the economy is back on the higher trajectory of growth registered in 2012 and 2013 and bodes well for economic growth for the rest of 2014.
Driven by the industry sector, the country’s gross domestic product (GDP) grew year-on-year by 6.4 percent in the second quarter of 2014, which is higher than the growth rate of 5.6 percent in the first quarter of 2014.
From the National Economic and Development Authority.
Statement of Secretary of Socioeconomic Planning Arsenio Balisacan: At the presentaton of the 2014 Human Development Report and 5th Philippine Progress Report on the Millennium Development Goals Launch [As read by National Statistician Lisa Grace Bersales on August 20, 2014, at Crowne Plaza Manila Galleria] Mr. Maurice Dewulf, Country Director, United Nations Development Programme; Ms. Luiza Carvalho, […]
The Bicol Region recorded the fastest growth with 9.4 percent, surpassing its 6.9 percent growth in 2012. The NCR registered only second with 9.1 percent; followed by SOCCSKSARGEN, 8.4 percent; Caraga, 7.8 percent; and the Ilocos Region, 7.7 percent. The economy of Eastern Visayas rebounded from a 6.4 percent contraction in 2012 to a 5.7 percent-growth in 2013.
“This is the highest level since the economy started posting a continuous positive growth in the same period last year. It is also way faster than the 6.9-percent increase in May 2014 and the 4.1-percent expansion in June 2013,” said Economic Planning Secretary Arsenio M. Balisacan.
Secretary Balisacan: “I enjoin everyone to place greater value on developing and institutionalizing a local competitiveness index while keeping in mind that inclusive, broad-based growth requires the participation of and coordination among government agencies at different levels as well as the private sector and development partners. Let us work together to raise our standards for governance that will translate into greater competitiveness.”
Uptick in food prices pushed inflation to 4.9 percent in July 2014 but still settled within the high-end target of the government, according to the National Economic and Development Authority (NEDA).
Philippine exports grew by 6.9 percent in May 2014 and overall outlook for the rest of the year continues to be upbeat, according to the National Economic and Development Authority (NEDA).