Philippines' Q2 economic growth slowed to 3.4% from 4.9% in Q1 amid weakness in construction, industry
Cindy Allen
MANILA, Philippines
,
August 31, 2011
(Associated Press)
–
The Philippine economy slowed in the second quarter as weakness in construction and industry offset growth in consumer spending amid a lackluster global recovery.
The government's statistical board said Wednesday that the economy grew 3.4 percent in the April-June quarter after expanding 4.9 percent in the first quarter.
The statistical board says the European debt crisis and the fragile recovery of main trading partners the U.S. and Japan resulted in growth below its forecast of 4.5 percent to 5.5 percent.
The economy boomed last year, growing 8.9 percent.
Economic Planning Secretary Cayetano Paderanga said the Philippines fared better than Southeast Asian neighbors Thailand and Singapore in the second quarter but lagged Indonesia and Malaysia.
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