P.M. BRIEFING : Philippines’ Economy Slows
Philippine economic growth slowed sharply in the first nine months of 1990, with manufacturing output growth slumping to under half its 1989 level, the government’s statistics bureau said today.
Confirming a sharp downturn in the economy, the National Statistical Coordination Board said growth in real gross domestic product fell to 2.8% in the first nine months of the year, against 5.6% in the same period last year.
The manufacturing sector, which suffered serious production setbacks in the second and third quarters because of electric power shortages, grew by just 2.5% during the period, against 6.07% in 1989.
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