Central Bank of the Philippines - Annual Report 05

According to the Central Bank of the Philippines Annual Report 2005, the Philippine economy expanded by 5.1 percent in 2005, buoyed by the continued growth of the services and industry sectors on the production side and sustained consumer expenditures on the demand side.

"While the Gross Domestic Product (GDP) growth was slightly below the 6.0 percent growth posted in 2004 and the lower end of the 5.3-6.3 percent target set for 2005, this was achieved against the backdrop of a number of pressures

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