You are here

Philippines says not abandoning 2015 GDP growth goal

Thursday, May 28, 2015 - 11:08

PHILIPPINESGDP150528.jpg
The Philippines is not abandoning its growth target this year of 7-8 per cent despite weaker-than-expected GDP growth in the first quarter, the economic planning chief said on Thursday.

[MANILA] The Philippines is not abandoning its growth target this year of 7-8 per cent despite weaker-than-expected GDP growth in the first quarter, the economic planning chief said on Thursday.

The economy will need to grow an average 7.5 per cent for the rest of the year to hit the low end of the GDP target of 7 per cent, Arsenio Balisacan told a news conference.

He said state spending and exports were expected to pick up in the coming quarters. The government also expects timely rice imports to offset the impact of the El Nino dry weather phenomenon on overall output in the crops sector.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom