Gov’t seeing clearer signs of higher growth

The government is seeing clearer signs of higher economic growth for 2012 as indicators used for economic forecasting showed positive growth for the third straight quarter this January-March period.

The National Statistical Coordination Board said composite leading economic indicators (LEI) for the first quarter settled at 0.238, improving by 0.08 point from the 0.158 recorded in the previous quarter.

The composite LEI, designed to gauge potential for near-term growth, has been trending upward after a 0.002-point dip in the second quarter of 2011.

“Continued improvement of the composite LEI indicated ‘a positive outlook for the country’s economy,’” NCSB director general Romulo A. Virola said in a statement.

“The latest LEI computations show the index in firmer positive territory, auguring well for the domestic economy to start off the Year of the Dragon,” Virola said.

The composite LEI relates to 11 components, namely total merchandise imports, consumer price index, wholesale price index, tourist arrivals, stock price index, electricity consumption, hotel occupancy rate, money supply, number of new businesses, terms of trade index and foreign exchange rate.