RP economy slows down

RP economy slows down

MANILA: The Philippines' economic growth slowed to an annual rate of 4.1 percent in the third quarter from a year ago due to soaring oil prices, weak farm output and political instability, the government said on Tuesday.

The gross national product (GDP) growth in the third quarter was down from 6.2 percent in the same period in 2004, and 4.8 percent in the second quarter this year, according to the National Statistical Coordination Board (NSCB).

Gross national product, which includes dollar remittances from overseas Filipinos, however, grew 6.5 percent in the third quarter, up from 5.7 percent in the same period last year.

"The spiraling oil and consumer prices and the sluggish performance of the farm sector, exacerbated by political instability dampened economic growth in the third quarter of 2005," the NSCB said in a statement. -- DPA