Sustained growth in private consumption, a recovery in government
spending, and positive net exports lifted GDP growth to 6.6% in 2012,
or 4.8% in per capita terms. Inflation eased to a 5-year low, an...
accounts were healthy.
Private consumption rose by 6.1% and contributed the most to GDP
growth from the expenditure side (Figure 3.28.1). Buoyant consumption
was driven by higher remittances from overseas Filipino workers, a slight
gain in employment, and low inflation. Remittances increased by 6.5% to
$23.4 billion (up by 3.8% in strengthening Philippine pesos).
Government spending rebounded from the low levels seen in 2011,
when governance reforms slowed budget disbursements. Higher spending
on public infrastructure, alongside expansion in private construction and
investment in equipment, pushed up fixed capital investment by 8.7%
(Figure 3.28.2). Growth in investment was supported by improvements
in the domestic business environment and declining interest rates. Fixed
investment as a ratio to GDP edged up in 2012 but was still modest at
19.7%. A rise in net exports also contributed to growth, in contrast with
2011, when net exports fell.
From the production side, the service sector, accounting for over
half the economy, remained the dominant growth driver. Its growth
accelerated to 7.4%, which contributed nearly two-thirds of GDP growth.
Retail trading accounted for one-fourth of services’ growth, consistent
with robust private consumption. Other key subsector contributors were
finance and real estate services, business process outsourcing (BPO), and
those associated with tourism.
Source : Asian Development Outlook Database -
Statistical Coordination Board. http://www.nscb.gov.ph
(accessed 1 February 2013)
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