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Philippine economy seen picking up in Q3, S-E Asia still resilient

Published on Nov 28, 2012 8:57 AM
 
A labourer pushes sacks of bitumen for road construction in front of containers awaiting delivery at one of Manila's main ports on Oct 18, 2012. The Philippines is expected to report on Wednesday that economic growth accelerated in the third quarter, defying the global downdraft and a further sign of resilience in a region where robust domestic demand is helping to offset export weakness. -- PHOTO: REUTERS

MANILA (REUTERS) - The Philippines is expected to report on Wednesday that economic growth accelerated in the third quarter, defying the global downdraft and a further sign of resilience in a region where robust domestic demand is helping to offset export weakness.

Economists polled by Reuters forecast the economy grew by a seasonally adjusted 0.4 per cent in July to September, twice as fast as in the previous three months, although weaker than the first quarter's two-year-high rate of 3.0 per cent.

On an annual basis, the economy may have expanded 5.4 per cent in the third quarter From a year earlier, weaker than the second quarter's revised 6.0 per cent climb, but still one of the fastest growth rates in the world.

While South-east Asia has not been totally immune to the global downturn - slowing exports are weighing on industrial production - strong private and public spending is driving robust growth in most of its economies, making the region a magnet for foreign investors.

 
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