SOURCE: Philippine Daily Inquirer
Economic growth likely surpassed the government’s target in 2010 as services, industry and agriculture expanded strongly in the last quarter of the year, the National Economic and Development Authority said Tuesday. The country’s gross domestic product (GDP) expanded between 6.2% and 7.2% in the fourth quarter, Economic Planning Secretary Cayetano Paderanga told reporters.
With nine-month GDP growth at 7.5 percent (driven by election spending in the first half), the economy’s full-year expansion was placed at 7% to 7.4% for the whole year. The government aimed for 5%-6% GDP growth in 2010.