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Philippine GDP growth slows to 3.7% in 2011 on falling exports

(Xinhua)

13:08, January 30, 2012

MANILA, Jan. 30 (Xinhua) -- The Philippine economy slowed to 3.7 percent in 2011, dragged down by lower government spending, declining exports and slack farm growth.

"Amidst the obstinate exogenous economic woes, the government underspending on infrastructure in the second and third quarters and the sustained decline in fishing, the domestic economy grew in 2011 by a relatively feeble 3.7 percent compared to 7.6 percent in 2010," the National Statistical Coordination Board (NSCB) said Monday.

The actual figures, however, is within the 3.6 to 4 percent growth estimate presented last week by the National Economic and Development Authority (NEDA).

The NSCB also said the GDP growth in the fourth quarter alone eased to 3.7 percent on year as compared to the 6.1 percent annual growth posted in the fourth quarter of 2010.

The rise in consumer spending, steady growth in the booming outsourcing industry and the government's stimulus package released in the fourth quarter of the year limited last year's slowdown.

But the NSCB said these factors failed to offset impact of global economic woes that reduced the country's export revenues and the typhoons that damaged farm production.

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