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PH economy expands 7.1 percent in 3Q

29 November 2012 No CommentEmail This Post Email This Post

A stock market trader raises his arms at the Philippine Stock Exchange.  Officials said Wednesday that he Philippine economy expanded 7.1 percent in the third quarter, among the fastest growing in Asia despite headwinds from overseas.  (AP Photo) MANILA, Philippines (AP) — The Philippine economy expanded 7.1 percent in the third quarter, among the fastest growing in Asia despite headwinds from overseas, officials said Wednesday.

Socioeconomic Planning Secretary Arsenio Balisacan said household spending, public construction and higher farm output boosted growth. Exports have also improved but trade makes up a smaller proportion of the economy than in many other Asian nations, cushioning the Philippines from weak growth in Europe, Japan and the U.S.

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