(MENAFN) Philippines' Economic Planning Secretary, Arsenio Balisacan, stated that the country's 2012 economy is expected to grow higher-than-expected, at 7 percent, reported Xinhua News.
Balisacan said that the gross domestic product's (GDP) growth is forecasted to surpass the high-end target of 6 percent, whereas in 2013, economic growth will be between 5.5-6.5 percent.
In 2012's first 3 quarters, the country's economy expanded by 6.5 percent due to higher government expenditure, growing household consumption, and higher investments by local companies.
According to the World Bank's estimate, the Philippine economy would grow by 6 percent in 2012 and by 6.2 percent next year.
It is worth noting that in the third quarter, the country's economy grew 7.1 percent.
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