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Philippine economy seen to have grown 7.2% in 2nd quarter

Philippine Stock Exchange index, as of August 23, 2013. Screengrab from http://www.pse.com.ph/stockMarket/home.html

MANILA, Philippines – After growing faster than target in the first quarter, the Philippine economy is again expected to have posted a robust growth in the second quarter.

Moody’s Analytics said the Philippines, driven by domestic demand and a consequently healthy performance of the manufacturing sector, likely grew by 7.2 percent in the second quarter from a year ago.

Should the forecast be realized, the first half growth of the Philippine economy then averaged at 7.5 percent. In the first quarter, it grew by 7.8 percent.

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The government has set its economic growth target for this year at a range of 6 to 7 percent.

“Manufacturing is growing at a healthy clip, driven entirely by domestic demand… Our tracking model suggests that GDP growth was only slightly weaker in the second quarter [compared with the first quarter],” Moody’s Analytics said in an outlook report released on Monday (August 26).

TAGS: economy, Moody's, Philippines
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