National Economic and Development Authority (NEDA) Director General, Arsenio Balisacan stressed that the impact of typhoon ‘Pablo’ on the domestic economy will be only minimal, at about 0.3 percent of GDP amounting to P32 billion.
The third quarter economic growth with gross national product (GDP) of 7.1 percent has surprised even those in government, a Palace official noted, saying that historically this period ‘is always the slowest’ in terms of output.
Leading global financial institutions like the Asian Development Bank (ADB), Standard &Poor and Credit Suisse and Bank of America-Merrill Lynch were unanimous in their appraisal on the state of Philippine economy for 2012.
Filipino migrant workers contribute significantly to the Philippines economy through their remittances.
Japan’s nominal gross domestic product (GDP) which is not adjusted for price and seasonal variations, was worth US $1.286 trillion dollars in the second quarter of the year (April-June), as compared to China with US $1.335 trillion dollars of the same quarter.