Economic growth in 2002 rose to its highest level since the Asian crisis, with real GNP and GDP growth rates reaching 5.2 percent and 4.6 percent, respectively, aided by an acceleration of growth at the end of the year: growth rates in the fourth quarter exhibited their strongest pace in six years with GNP growth topping 7 percent. This performance was anchored on stronger consumer demand and worker remittances, a moderate recovery in exports and favorable rains that boosted agricultural production in the final quarter. And it occurred despite sluggish investment, continued weakness in financial markets and heightened conflict in Mindanao.
|Source Institution||World Bank|
|Place of Publication||Pasig City|
|Original Publication Date||April 30, 2003|