Economy Right On Track as GDP Grows by 5.5%
4th Sep 2006, 00:26 GMT
Driven by the rebound of Agriculture, Fishery and Forestry and the sustained momentum of Manufacturing, the Philippine economy remained in target as the Gross Domestic Product (GDP) grew by 5.5 percent in the second quarter of 2006 from 5.4 percent in the same period last year. On the demand side, Exports of goods and services and higher household spending largely contributed to the healthy GDP growth. The continuous double-digit growth in the Net Factor Income from Abroad (NFIA) at 18.3 percent pushed the Gross National Product (GNP) to a 6.6 percent growth, from 5.8 percent in 2005.
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