MANILA, Philippines ? The Philippine economy grew by 7.9 percent, higher than expected, in the second quarter, the National National Statistical Coordination Board said Thursday.
NSCB chief Romulo Virola said the growth ? as measured by the gross domestic product (GDP) ? was attributed mainly to peaceful elections, improved investor confidence and global recovery. GDP refers to the value of goods and services produced within the country at a given time.
Virola said the last time there was growth of more than seven percent in two consecutive quarters was in the first half of 2004.
