Philippine economy grew in 2011

The Philippine economy, as measured by the gross domestic product (GDP), was estimated to have grown between 3.6 and 4 percent in 2011, according to the National Economic and Development Authority (NEDA). In the fourth quarter alone, GDP grew faster than the third quarter’s 3.2 percent, but the expansion did not reach 5 percent, NEDA assistant director general Ruperto P. Majuca told the Inquirer. Private economists, noting sluggish exports and typhoon damage to farm output in the fourth quarter, predict below-target performance for the Philippine economy when final GDP figures come out at the end of this month, according to Inquirer.net . "Almost definitely, exports contracted," Majuca said, citing challenges due to the debt crisis in Europe and the logistics disruption in Asia due to floods in Thailand. Agriculture might have also dropped "slightly," Majuca said, due to floods and typhoons. The National Statistics Office reported Wednesday that total imports growth slowed down to 0.6 percent for the second straight month in November last year to $4.98 billion from $4.96 billion in the same month in 2010. Month on month, imports dropped 0.7 percent in November 2011 from $5.02 billion in October 2011. Total trade for November 2011 was registered at $8.33 billion, down 8.5 percent from $9.1 billion in November 2010. The balance of trade in goods registered a deficit of $1.64 billion, higher than last year’s deficit at $810 million. (QNA) RMA/LY