Thursday, May 29, 2014

Yolanda's effects in the Philippine economy being felt right now

Government just released the first quarter economic figures and tells us that the economy only grew by about 5%. This is 2 or 2.5% lower than what government predicted a year ago.

Neda figures show that the economy was really affected by the devastation by Typhoon Yolanda (Haiyan) which took about 26 billion pesos out of our economy last year.

The agricultural sector grew less than 1%, while the services sector grew by nearly 7% and the industrial just by 5.5%. This figure is dismal and disappointing especially to many who hope that this country would sustain its record of being the region's fastest growing economy.

The Philippines now lags Malaysia and China. China remains the fastest growing followed by Malaysia.