(Updated 11:57 a.m.) Driven by exports and service sector expansion, the country's economy grew 6.4 percent in the first quarter "well above the market's consensus forecast of 4.8 percent," economic officials said Thursday.
Acting National Economic and Development Authority (NEDA) director general Arsenio Balisacan said the economy grew faster than the ASEAN average of 3.7 percent and faster than Indonesia's 6.3 percent.
"Growth in the first quarter translated to an increase in employment of 1.101 million," Balisacan noted.
"Employment generation was more pronounced in services, followed by industry," he added.
The NEDA chief said the "fighting target is still 7 to 8 percent" and he does not see the need to revise the target even with the higher-than-expected first quarter growth.
For his part, National Statistical Coordination Board (NSCB) secretary general Romulo Virola said the services sector had its 12th straight quarter of growth — "accelerating to 2.6 percent from 1.3 percent in the fourth quarter of 2011."
This growth was higher than the 2.5 percent of the agriculture sector and the 2.2 percent of the industry sector.
Balisacan noted that services contributed "more than half of total domestic output."
Virola backed this up by saying that the 6.4 percent gross domestic product growth services contributed 4.7 while industry chipped in 1.6 and agriculture put in 0.1.
Balisacan said merchandise export growth of 7.1% reflected the improving global economy. — RSJ, GMA News
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