Based on the latest report by the Philippine Statistical Authority (PSA), gross domestic product (GDP) slowed down to 5.7% for the first quarter of 2014 from 7.7% in the same period last year. The growth registered during the first quarter is also lower than the 6.5%–7.5% full-year GDP growth target of the government. The GDP growth was mainly driven by the services and industry sectors on the supply side, and household consumption and investments in capital formation, particularly durable equipment, on the demand side.>>read complete document
