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