Thursday, March 28, 2013

Balisacan sees GDP growing 7.5% in 2014

Manila Standard Today (February 2013) - THE National Economic and Development Authority expects economic growth to accelerate up to 7.5 percent in 2014, driven by expansion of agriculture, services and household consumption.

“For this year, we expect the economy to grow 6 to 7 percent. For next year, the growth is expected to accelerate to 6.5 to 7.5 percent,” Neda director-general and Economic Planning Secretary Arsenio Balisacan said in a gathering of members of Managers Association of the Philippines in Makati City over the weekend.

Balisacan said on the supply side, agriculture would be buoyed by government’s programs and projects that would increase the efficiency of producing staples and high-value commodities and crops.
“The positive agriculture outlook benefits from improvements in infrastructure, logistics, and the reduction in price volatilities,” he said.

He said industries were also set to expand faster in 2013 and beyond, mainly driven by manufacturing and construction.

“Construction is expected to grow robustly due to strategic public and private infrastructure projects. Likewise, manufacturing is expected to be more vibrant, particularly semiconductor and electronics, food manufacturing, and light manufacturing industries,” he said.

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