The Philippine economy grew 7.3 per cent in the first quarter, buoyed by election spending and the global economic recovery, the government said on Thursday.
The National Statistical Coordination Board said gross domestic product (GDP) growth in the January-March period was up from 0.5 per cent in the same quarter of 2009.
Last quarter’s rise was the highest economic growth seen by the Philippines since the fourth quarter of 2000, the board said.
The country’s gross national product (GNP), which includes remittances from millions of overseas Filipino workers, expanded 9.5 per cent in the first quarter from 3.3 per cent in 2009.
The GNP growth was the highest since the fourth quarter of 1988, said Romulo Romulo Virola, the board’s secretary general.
Virola said the economy “drew vigour from the global economic recovery, election-related stimuli and unbridled growth of income” of overseas Filipino workers.
The services and industry sectors both grew 3.8 per cent in the first quarter, but agriculture suffered zero growth because of a severe dry spell.
National elections were held May 10. Among the offices up for grabs was president with Senator Benigno Aquino III the apparent winner.
