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