Wednesday, 4 July 2007

Neda confident GDP to grow 6.1-6.7 percent in 2007

By Jenny A. Ng
Original report at the Business Mirror
http://www.businessmirror.com.ph/07042007/headlines04.html

WITH the second quarter and the fourth quarter of the year being historically economic growth periods, National Economic and Development Authority director for policy and planning Dennis Arroyo is confident the economy will grow 6.1 to 6.7 percent this year.

The country’s gross domestic product (GDP)—or the sum of goods and services produced—grew by 6.9 percent in the first quarter owing to the strong performance of the services sector that grew by almost 10 percent.

“We do not have preliminary estimates yet but we are confident we will reach our target economic growth this year,” said Arroyo.

The third quarter is considered the weakest, being the typhoon months of July, August, and September.

University of Asia and the Pacific economist Peter Lee U, on the other hand, expects the economy to grow by as much as 6.2 percent in the second quarter. “That is just my gut feel. We may not be able to see the same growth we saw during the first quarter but second-quarter growth would remain strong.”

The last time the economy breached the 6-percent level was in 2004 when presidential elections were held. In 2005, the country’s economic expansion slowed to 5.1 percent.

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