Philippine economy expands 4.4% in Q3<\/p>\n
Associated Press, Manila<\/p>\n
The Philippine economy grew by 4.4 percent on year during the
\nthird quarter of 2003, outperforming Taiwan, Indonesia, Singapore
\nand South Korea, President Gloria Macapagal Arroyo said Thursday.<\/p>\n
Gross national product rose by 5.9 percent on year during the
\nsame period.<\/p>\n
Arroyo said agriculture and investment spending led the way,
\nwith macroeconomic fundamentals and sustained agricultural
\nmodernization paying off, and overseas remittances on the rise.<\/p>\n
"We are shaking off the lethargy occasioned by SARS, the Iraq
\nwar and El Nino," the weather phenomenon, Arroyo said, adding
\nthat confidence in the country's political stability has held
\nsteady after the resolution of a failed coup in July.<\/p>\n
She said she will keep up her government's efforts to
\nreconcile with various sectors of society.<\/p>\n
"The fourth quarter will definitely push the blue line upward
\nif we keep on track, shun destructive politics and unite in all
\nfronts of national security and nation-building," she added.<\/p>\n
The figures show stronger growth than some of its Asian
\nneighbors. Taiwan's gross domestic product in the July-September
\nquarter grew 4.18 percent from a year earlier, Indonesia's
\nexpanded 3.93 percent, and Singapore's grew 1.7 percent. South
\nKorea's central bank has previously said it expects the country's
\nGDP to grow 2.7 percent in the third quarter.<\/p>\n
The latest economic data puts the Philippines just above the
\ngovernment's projected minimum 4.2 percent GDP growth forecast
\nfor 2003, and outpaces economists' expectations.<\/p>\n
A Dow Jones Newswires survey of eight economists before the
\nrelease of the official data estimated GDP, the value of all
\ngoods and services produced, to have risen 4 percent on year in
\nthe three months to September, in line with Socioeconomic
\nPlanning Secretary Romulo Neri's earlier estimate.<\/p>",
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