MANILA (Mabuhay) — The Philippine economy likely sustained growth in the fourth quarter albeit at a slower pace because of the devastation caused by Typhoon Haiyan, Moody’s Analytics said.
In a report, the economics analysis arm of the credit rating agency said Philippine gross domestic product (GDP) growth may have settled at 6.6 percent in the October to December period.
GDP is the amount of final goods and services produced in the country and as such measures economic performance.
“The Philippines economy performed particularly well across the first three quarters of 2013 and this would have continued in the fourth quarter were it not for Typhoon Haiyan, which struck in November,” Moody’s Analytics said.
“These GDP figures will provide the first solid reading of the typhoon’s impact—so far we have seen only the trade and industrial production data, which showed little reaction,” it added.
The government is aiming for growth of 6-7 percent for the entire 2013. In the first three quarters, GDP grew 7.4 percent.
“We anticipate a modest economic impact in the fourth quarter of 2013 and the opening quarter of 2014, but see few long-term implications, as the structure of the Philippines economy remains sound and downside risks remain contained,” Moody’s Analytics said.
The government is scheduled to report the 2013 economic numbers on Thursday.(MNS)