The Philippines economic growth was fastest among Asian countries for the first quarter of 2013, the National Statistical Coordination Board (NSCB) announced Thursday.
NSCB revealed 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.
NSCB attributed the 7.8 percent increase in the gross domestic product (GDP) of the country to the strong performance of the manufacturing (9.7 percent), and construction (32.5 percent) sectors, as well as the increase in government and consumer spending. The services and agriculture sectors also contributed to the growth with 7 percent and 3.3 percent, respectively. Meanwhile, the mining and industry contracted by 17 percent.
This was the second fastest growth rate of the country since a quarter in 2010 (8.9 percent), Balisacan said.
