Home >> Daily News >> Philippines News >> Economy >> Philippine economy shows slight improvement in Q4
|24 December 2009
Philippine economy shows slight improvement in Q4
The latest data from Philippine National Statistics Office (NSO) showed that the economy is likely to have registered a modest improvement in the fourth quarter this year, the Manila Times reported.
In a statement, the NSO said Philippine imports contracted at a slower 16.8 percent year-on-year in October to $3.81 billion. The country’s purchases of merchandise goods from abroad had fallen by 25 percent year-on-year in September.
On a month-on-month basis, total imports for October inched up by 3.8 percent from $3.670 billion in September.
In the first 10 months, imports had fallen by 29 percent year-on-year to $35.485 billion. The October imports brought the trade deficit to $4.175 billion during the 10-month period, less than the $7.070-billion deficit in the same period last year.
In October alone, the deficit amounted to $138 million, lower than the last year’s $588 million. Electronics, which accounted for 37.6 percent of the total import bill, dropped 11.3 percent to $1.431 billion in October, easing from the 22 percent year-on-year contraction in September.
Imports of products used to assemble the country’s biggest export commodity—electronics—grew 7.6 percent month-on-month from $1.331 billion in September. In a separate statement, the NSO said factory output likewise registered a softer contraction in October, as capacity utilisation improved.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below