Because of the stellar growth in the first three quarters of 2012 and given the still rosy prospects, the Research center has revised a full-year 2012 GDP growth forecast to 6.6 percent, while 2013 growth is seen at six percent.
Economic growth for the first three quarters of 2012 was at 6.5 percent, one of the highest among Asean economies, including China. The Philippines posted a third quarter GDP growth of 7.1 percent.The strong GDP growth as of September 2012 is mainly attributed to the solid performance of almost all of the economic sectors.
The Philippine economy seems to be on the road to a higher growth trajectory, surprising markets with remarkable expansions in the first three quarters of the year. The economy is thus seen to cap 2012 way stronger than what was previously expected. This year's projected GDP growth, the center added, will be driven by solid household consumption as consumer spending will still be supported by sustained inflow of remittances and the still well-anchored inflation expectations.
Government spending will also support GDP growth amid the expected boost from midterm election spending. On the other hand, the services sector will be supported by the rosy outlook for the real estate and tourism sectors. With the Philippines branded as among the top destinations in the world by various websites and travel magazines, tourism players are expecting an influx of foreign tourists in the country this year.
Property development is also expected to surge, with the foreseen higher demand for housing and the massive expansion of retail malls all over the country. For...