RP economy grew above target<\/p>\n
MANILA: The Philippine economy likely grew 6.1 percent in
\n2004, higher than the government's target of between 4.9 and 5.8
\npercent, Economic Planning Secretary Romulo Neri said on
\nThursday.<\/p>\n
The projection was based on the strong performance of the
\nservices and agriculture sectors, he said.<\/p>\n
However, growth will likely ease in 2005 to 5.3 percent, still
\nwithin the government's official forecast of between 5.3 and 6.3
\npercent, Neri said.<\/p>\n
Gross domestic product expanded 6.5 percent in the first three
\nquarters.<\/p>\n
Neri did not provide any forecast for the fourth quarter, but
\nthe full-year estimate suggests that economic growth will likely
\nease in the three remaining months of the year.<\/p>\n
Neri said "growth will moderate in 2005 due to lingering
\neffect of high oil prices and deceleration in world growth,"
\naccording to documents from government agencies detailing the
\neconomic performance this year and the outlook for the next.<\/p>\n
Merchandise exports this year likely grew 14.3 percent, higher
\nthan the government's 10 percent target, while imports probably
\nrose 5.7 percent, well below the 11 percent forecast, Neri said.
\n-- AFP<\/p>",
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