ECONOMIC GROWTH SUSTAINABLE - NEDA
MANILA, JUNE 4, 2010 (MANILA TIMES) BY ADRIENNE JESSE A. MALEFICIO Special to The Manila Times - The National Economic and Development Authority (NEDA) on Wednesday expressed confidence that the country’s economic growth for the first quarter of this year can be sustained until the end of the year.
The country recorded a 9.5-percent increase in gross national product (GNP) and a 7.3-percent increase in gross domestic product (GDP) during the first quarter of the year.
“We have a strong stock market. Experiencing a 28-month high [in the GDP growth], that [growth] will be sustained,” NEDA Director Dennis Arroyo said during a press briefing at Malacañang.
He noted that the healing of the global crisis and the booming tourism and export services were the main contributors to NEDA ’s optimism on sustained economic growth.
The first-quarter growth was also attributed to an increase in manufacturing, exports and investments.
Investments, according to Arroyo, were the biggest contributors gaining 24.3 percent during the first quarter. Manufacturing recorded an increase of 17 percent and exports, 17.3 percent.
Executive Secretary Leandro Mendoza credited President Gloria Arroyo’s 10-point agenda for the country’s economic performance in the first quarter.
“President Arroyo definitely has the bragging rights on this one,” Mendoza said.
The NEDA director also attributed the economic boost to election spending during the campaign period, saying "election spending helped, but it was more than that.”
He revealed that there are plans to make a “substantial” upward revision of the GDP target for 2010 but he did not give figures.
“I would not say a dramatic revision. I would rather call it a substantial revision. I cannot give the numbers yet, we are still studying the proposal,” the NEDA director said.
GDP is the total value of products and services produced within the territorial boundaries of a country within a year.
The total value of goods and services produced by citizens, whether within or outside the country, constitutes GNP.
Chief News Editor: Sol Jose Vanzi
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