Typhoon, earthquake slice Philippine growth
Published on May 29, 2014 12:26 PM
MANILA - A brutal run of natural disasters late last year took their toll on the Philippine economy, slicing growth to 5.7 per cent in the first quarter of the year from 7.7 per cent a year earlier and dislodging the Philippines as Asia's fastest-growing economy.
The country's gross domestic product (GDP) growth is now behind China's 7.4 per cent and Malaysia's 6.2 per cent.
"The relatively slow growth is expected, given the magnitude of the destruction in production capacity," Economic Planning Secretary Arsenio Balisacan said in a news briefing on Thursday.
The Philippines was hit in November last year by Haiyan, the strongest typhoon in recorded history. It killed more than 6,500 as it tore through the country's mostly agricultural central regions.
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