Super typhoon takes toll on Philippine economy

MANILA, May 29 (AFP): The Philippines' roaring economy cooled in the first quarter of the year as the impacts of Super Typhoon Haiyan and other natural disasters hit harder than expected, official data showed Thursday.

Economic growth slowed to 5.7 per cent in January-March, compared with 7.7 per cent in the same period last year, the government said.

"The relatively slow growth is expected given the magnitude of the destruction," Economic Planning Secretary Arsenio Balisacan told reporters, highlighting damage particularly to the agriculture, trade and tourism sectors.

Economists had forecast growth of 6.4 per cent in the first quarter, according to Dow Jones Newswires, and the government had been targeting an expansion of 6.5-7.5 per cent.