PH economy grows by 7.3%, fastest pace since EDSA 1, study says

The country’s economy grew at its fastest pace in 2010 since the EDSA People Power Revolution in 1986, reports Inquirer.net. Government data showed the economy expanded 7.3 percent because of strong domestic demand and billions of dollars in remittances from overseas Filipino workers.  The money that politicians spent during the campaign season last year also helped boost growth.

"The global economic recovery which resulted in record growth rates of foreign trade... contributed to an economic performance in 2010 that well surpassed the government’s target of five percent to six percent," the National Statistical Coordination Board (NSCB) said, according to Inquirer.net.

According to the NSCB, food manufacturers and mining were among the leading industries that delivered the best seasonally adjusted growth in October to December last year. The agricultural sector also did better in the last quarter of 2010 compared to the previous year due to fewer typhoons.

 

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