THE NEWS TODAY: Philippines sees typhoon, earthquake denting Q4 GDP growth

Wednesday, November 27, 2013

Philippines sees typhoon, earthquake denting Q4 GDP growth

MANILA (Reuters) - The typhoon and earthquake that hit the central Philippines this month could shave off as much as 0.8 percentage point from the domestic economy's growth in the fourth quarter, Socio-economic Planning Secretary Arsenio Balisacan said on Thursday. But full-year 2013 GDP growth is still likely to be closer to the high end of the government's 6-7 growth target, he said. The Philippine economy grew 1.1 percent in the third quarter from the previous three months, underpinned by a strong services sector, uptick in domestic demand and a recovery in exports. Quarterly growth was slightly slower than expected[ID:nP9N0HX00A].

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