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The
gross domestic product (GDP) may be within the
6.1-percent to 7.1- percent range in the third quarter
owing to the recovery of the agriculture sector and
continued strength shown by the industry sector,
according to the National Economic and Development
Authority (Neda).
Neda
Acting Director General Augusto Santos said Monday the
agency’s estimates show that agriculture, fishery and
forestry may post growth of 5 percent to 5.8 percent,
while services may register a 6.5-percent to 7.3-percent
growth, and industry a 6.1-percent to 7.3-percent
growth.
“At the
rate we’re going, the 6.1- percent to 6.7-percent
full-year target may be exceeded. If we’re lucky, we may
even hit 7 percent in 2007,” said Santos.
Planning
and Policy Staff officer in charge Myrna Asuncion said
the country only needs to grow at 5 percent in the
second half to reach the lower end of the government
target.
Asuncion
said that if there would be any slowdown in the fourth
quarter, it would be due to the impact of the typhoons,
but added there are no indications yet on the extent of
the damage the storms may cause on agriculture.
Santos
said the recovery of agriculture bucked usual results in
the third quarter when storms usually are the most
numerous.
On the
other hand,
Asuncion said growth in the industry sector will be driven by the
construction industry, primarily by the demand for
residential homes by overseas worker families and
retirees.
She
added that mining has also shown sustained strength in
the quarter. In the second quarter, mining posted a
33-percent growth, which helped boost the performance of
the industry sector.
Santos
said the services sector will continue to be propelled
by the telecommunications industry. The services sector
posted the highest growth in the second quarter at 8.4
percent.
Last
year, the country’s GDP grew 5.1 percent. The growth was
marked with negative sector-growth- rates, including
that in mining. |
