NEDA: Domestic demand can push 6% GDP growth for 2015

By Kris M. Crismundo

MANILA, Dec 11 (PNA) – The strong domestic demand can propel gross domestic product (GDP) growth of at least 6.0 percent by end of 2015, National Economic Development Authority (NEDA) Assistant Director General Rosemarie G. Edillon said.

During the Kapihan sa Media ng Bayan in Quezon City on Friday, Edillon said it is possible for the country to achieve 6.0 to 7.0 percent GDP growth this year despite the weak global demand with the continued growth

She said the weak global demand has still affected the country’s economic activities, particularly the sector of merchandise exports.

“Economic activities of our trading partners like the United States, Japan, Europe, and now especially China, have experienced slower growth,” the official said in Filipino.

On Thursday, NEDA attributed the 6.2-percent drop in merchandise exports revenue in January to October 2015 period to the sluggish global demand.

“But our domestic demand is strong,” Edillon said citing robust activities in sectors of construction, business process outsourcing (BPO), and tourism.

The official added that the reforms of the administration has also improved government spending that will back the country to achieve at least 6.0-percent GDP growth by end-2015.

Bullish capital formation and household consumption due to increasing purchasing power will also support the country’s economic growth during the last quarter of the year, Edillon said.

“For the fourth quarter we need to grow by 6.9 percent,” she added. (PNA)