MANILA, Jan. 29 (PNA) -- Despite the reeling effects of the global financial crisis, the Philippine economy posted a 4.6 percent gross domestic product (GDP) growth for 2008.

Latest statistics from the National Statistical Coordination Board (NSCB) show that the major growth drivers were trade, manufacturing, agriculture and fishery, construction and private services. On the demand side, major contribution came from increased household spending aided by the growths in investment in construction and government consumption. For its part, the agricultural sector grew by 3.2 percent from 4.9 percent while industry also posted a 5 percent expansion from 7.1 percent and services grew by 4.9 percent from 8.1 percent. The NSCB also said the economy continued to keep pace with the population growth in the fourth quarter of 2008 as per capita GDP grew by 2.5 percent from 4.4 percent; per capita GNP by 4.3 percent from 3.9 percent. On the expenditure side, consumer spending reported a lower growth of 4.5 percent from 6.2 percent in 2007. General government consumption expenditure accelerated slightly to 4.7 percent from 4.6 percent in the same quarter last year. The growth was attributed to the effort made to augment the earnings of government employees. Exports went down by 7.5 percent from a 3.9 percent expansion in 2007 largely on account of merchandise exports, which contracted by 9.2 percent from a 2.7 percent upturn in 2007. Imports, on the other hand, declined by 1.2 percent from a measly 0.2 percent growth in 2007 as both merchandise imports and non-merchandise imports recorded negative growths. (PNA)