The Philippine domestic economy sizzled to its highest annual GDP growth in the post Marcos era of 7.3 percent in 2010 from 1.1 percent in 2009, says the National Statistical Coordination Board (NSCB).
Last year's economic performance well surpassed the government’s target of 5.0 percent to 6.0 percent.
In 2010, industry once again took the driver seat in boosting the economy with its huge 12.1 percent growth from a decline of 0.9 percent the previous year. Services provided more than able support as it grew by 7.1 percent from 2.8 percent. However, agriculture, hounded by El Niño, posted a negative 0.5 percent from zero growth in 2009.
On the demand side, all expenditure items registered accelerated growths in 2010 with Total Exports, Total Imports and Capital Formation rebounding to 25.6 percent, 20.7 percent and 17.0 percent from a decline of 13.4 percent, 1.9 percent and 5.7 percent, respectively. Likewise, consumer spending accelerated to 5.3 percent from 4.1 percent. However, government spending decelerated to 2.7 percent from 10.9 percent.