Philippines economy grows at record pace

| January 31, 2011
Philippines economy grows at record pace

The National Statistical Coordination Board has today revealed the Philippine economy grew at its fastest pace in 2010 – expanding by 7.3% from a year earlier.

The growth was boosted by a rise in business and consumer spending and represented the fastest annual expansion since democracy was restored 24 years ago.

The latest growth will be a boost for the previously underperforming economy and it can catch up with its Asian neighbours.

Asia has led the global recovery and strong growth in the region is set to continue.

Meanwhile, today’s figures will undoubtedly lead the Government to maintain its projection of 7-8% growth for 2011.

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