RP economy likely to grow over 5%

RP economy likely to grow over 5%

MANILA: Improving farm output likely pushed the Philippines' economic growth clip above five percent in the three months to June, Economic Planning Secretary Romulo Neri said on Thursday.

Agricultural production had slipped 0.1 percent from a year earlier in the three months to March due to adverse weather, curbing gross domestic product (GDP) growth for the period to 4.6 percent.

GDP growth likely was "over five percent" in the current quarter, Neri told reporters.

"In the second half (of the year), GDP growth is expected at over 5.5 percent, making it still possible for full-year economic growth to hit the lower-end of our target."

The government is aiming for 2005 growth of 5.3-6.3 percent after it hit an eight-year high of 6.1 percent in 2004.-- AFP