Ominous start
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Let’s put everything in its right place. In its strictest sense, the economy’s third quarter performance cannot be called growth. Compared with the previous quarter, when the economy grew an adjusted record-setting 8.2 percent over a year, it was a contraction of 0.5 percent.
Also the Aquino administration cannot lay claim to the second quarter growth since it covers the months of April to June, when Noynoy only assumed office July 1. Thus, the reckoning month on how thus far, Noynoy was the third quarter alone that showed the economy under his term is now three months away from a technical recession, which is the economy sinking two straight quarters compared with the previous same period.
Quarter-on-quarter, the 0.5 percent contraction in the gross domestic product (GDP) from July to September, came after a 1.4 percent growth in the second quarter. The gross national product (GNP) that includes income from abroad grew at a slower rate of 1.2 percent in the third quarter from a 1.8 percent expansion in the second quarter..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20101128com1.html
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