BusinessWorld
THE NATIONAL Economic and Development Authority (NEDA) expects slower first-quarter economic expansion, citing the absence of key "growth drivers," but insisted that the government remains optimistic the 7%-8% full-year target would be reached.
This was despite a decline in government spending for the first quarter, NEDA Director-General Cayetano W. Paderanga, Jr. said.
"As of the moment we looked at leading numbers...we are looking at an estimate of 4.8%-5.8% for the first quarter," Mr. Paderanga said in a forum yesterday, revising the 5.5%-6% estimate he made over the weekend.
Last year, first-quarter gross domestic product (GDP) grew by 7.8%.
Mr. Paderanga said the lower estimate for 2011 reflected a "normalization process."
"Due to the absence of election spending, a slower growth is really expected," Mr. Paderanga said.
Agriculture likely fueled growth in the fist quarter, but the "services sector went down to a more normal level, although it was a little lower because of the base effect in 2010," he added.
Read here.
THE NATIONAL Economic and Development Authority (NEDA) expects slower first-quarter economic expansion, citing the absence of key "growth drivers," but insisted that the government remains optimistic the 7%-8% full-year target would be reached.
This was despite a decline in government spending for the first quarter, NEDA Director-General Cayetano W. Paderanga, Jr. said.
"As of the moment we looked at leading numbers...we are looking at an estimate of 4.8%-5.8% for the first quarter," Mr. Paderanga said in a forum yesterday, revising the 5.5%-6% estimate he made over the weekend.
Last year, first-quarter gross domestic product (GDP) grew by 7.8%.
Mr. Paderanga said the lower estimate for 2011 reflected a "normalization process."
"Due to the absence of election spending, a slower growth is really expected," Mr. Paderanga said.
Agriculture likely fueled growth in the fist quarter, but the "services sector went down to a more normal level, although it was a little lower because of the base effect in 2010," he added.
Read here.
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