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Philippine GDP Growth Tops China as Election Spending Climbs

  • GDP increases 6.9% in first quarter, in line with estimates
  • Incoming president pledges to retain Aquino’s economic plans
Bloomberg business news

Philippine Growth Led by Capital Formation: Purisima

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The Philippine economy grew faster than most other nations in Asia in the first quarter, spurred by spending ahead of the May elections.

Gross domestic product increased 6.9 percent in the three months through March from a year earlier, the highest in almost three years, the Philippine Statistics Authority said in Manila Thursday. That was in line with the median estimate in a Bloomberg survey of 16 analysts, and compared with expansion of 6.5 percent in the previous quarter.