Philippine GDP growth slows<\/p>\n
MANILA (Reuters): The Philippines economy put in its worst
\nperformance in two years in the first quarter, hit by political
\nvolatility at home, a dip in global demand for electronics
\nproducts and a slowdown in the United States.<\/p>\n
The government said GDP growth was 2.5 percent year-on-year in
\nthe first quarter, down from a revised 3.8 percent in the fourth
\nquarter of 2000.<\/p>\n
Analysts said the figure was in line with expectations or
\nslightly lower and was the lowest since the first quarter of
\n1999, when the economy grew 1.2 percent.<\/p>\n
A Reuters poll of economists had forecast on average that the
\nfigure would come in at 2.7 percent.<\/p>\n
Officials were optimistic that domestic demand will partly
\noffset the impact of weaker exports going forward.<\/p>\n
\"It's a fact that the external market is weak, but we saw the
\nnumbers and the source of growth will be the domestic economy,\"
\nGilbert Llanto, socio-economic planning undersecretary, said in a
\nnews briefing.<\/p>",
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