RP economy grows 4.2% in 2003

RP economy grows 4.2% in 2003

MANILA: The Philippine economy is estimated to have grown at
least 4.2 percent in 2003, just hitting the government target,
Socioeconomic Planning Secretary Romulo Neri said on Friday.

The country's gross domestic product (GDP) growth of 4.2
percent this year would just hit the low-end of Manila's target
of 4.2 to 5.2 percent.

Neri also estimated gross national product (GNP) growth for
2003 at 5.4 percent, within the government's targeted range of
5.1 to 5.7 percent.

For the fourth quarter of the year alone, GDP growth is
estimated at 3.8-4.0 percent due to improved agricultural output
and a strong services sector, Neri told reporters.

GNP, which measures total economic output including overseas
contributions, in the fourth quarter is seen growing 4.5-4.8
percent, he added.

He did not give any commentary on the economic performance in
2003 but other economists have blamed poor weather, the Iraq war,
the SARS outbreak and domestic political conflicts, including a
failed coup attempt in July, for dampening the economy this year.

Neri said the government is maintaining its GDP growth target
of 4.9-5.8 percent for 2004 based on an expected global economic
recovery, favorable weather and higher spending related to the
upcoming general elections.

GNP is targeted to grow 5.2-6.0 percent in 2004, he added. --
AFP