The Philippine economy expanded at a rate of 5.2% per annum over the past decade. Measured in terms of Gross Domestic Product (GDP), the economy experienced uninterrupted growth but the rate of expansion was erratic and modest compared with its neighboring ASEAN countries. It grew the fastest during the period 2003 to 2007, at least 4.8% but the pace slowed down in 2008 (4.2%) and 2009 (1.1%) with the onset of the global financial crisis. It posted a strong rebound in 2010 (7.6%) with the global economic recovery; slowed down to 3.6% in 2011; and upped to 6.8% in 2012 on the back of the strong recovery in manufacturing and merchandise exports.
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