Philippines economy grows 6.4 percent in first quarter

AFP – Thu, May 31, 2012

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The Philippine economy grew 6.4 percent in the first three months of the year, the government said Thursday, exceeding its own forecast.

A robust services sector allowed the first quarter gross domestic product growth to top the revised 4.9 percent expansion over the same period last year, economic planning official Romulo Virola told a news conference.

The government had been forecasting first quarter expansion of between 5.0 and 6.0 percent, after global economic turmoil kept GDP growth last year to 3.7 percent.

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