Philippine economic growth slows to 4.6pc
Friday, 29 August 2008
MANILA, Aug 28 (AFP): Philippine economic growth slowed to 4.6 per cent in the three months to June, hit by soaring inflation and the cooling global economy, officials said today.
Expansion over the first half of 2008 was also 4.6 per cent after incorporating a downward revision to initial first-quarter growth estimates, said Socio-economic Planning Secretary Ralph Recto.
"Economic growth in the Philippines as well as those of its Asian neighbours was dragged down by high inflation and slower growth among advanced economies, which hurt consumer demand," Recto told reporters.
Expansion over the first half of 2008 was also 4.6 per cent after incorporating a downward revision to initial first-quarter growth estimates, said Socio-economic Planning Secretary Ralph Recto.
"Economic growth in the Philippines as well as those of its Asian neighbours was dragged down by high inflation and slower growth among advanced economies, which hurt consumer demand," Recto told reporters.