Economic growth slows to 5.7 pct in Q1

MANILA, Philippines (Xinhua) - Philippine economic growth slowed to 5.7 percent in the first quarter of 2014, from 7.7 percent posted in the same period last year, the local statistics agency said today.

The Philippine Statistics Authority (PSA) said gross domestic product (GDP) growth in the January to March period was also lower than the 6.3 percent posted in the last quarter of 2013.

"The relatively slow (economic) growth is expected, given the magnitude of destruction in production capacity," Socioeconomic Planning Secretary Arsenio Balisacan said in a press conference.

Figures released by PSA showed that among all economic sectors, agriculture bore the brunt of natural disasters which struck the country last year. The agriculture, fishery and forestry sector inched up by only 0.9 percent in the first quarter.

GDP in the January to March period was boosted by the services sector which grew by 6.8 percent and the industry sector which posted a growth of 5.5 percent.

While the performance of the services sector was better this year, growth in the industry sector was lower than the 11.3 percent posted in January to March 2013.