The domestic economy accelerated in the second quarter of 2012 to 5.9 percent from 3.6 percent recorded the previous year boosting the first semester growth to 6.1 percent from 4.2 percent. The resilient Services sector remained the main driver of growth supported by the sustained growth of manufacturing and the rebound of construction.
On the demand side, growth came from the positive contribution, of all the expenditure items, except for Changes in Inventories, led by consumer spending and the improved growth of external trade.
The continued inflow of remittances from our overseas workers pushed the growth of Net Primary Income from the rest of the world (NPI) to 4.5 percent from a decline of 1.1 percent in 2011 thrusting the Gross National Income (GNI) to accelerate to 5.6 percent from 2.4 percent.
For the first semester, GNI grew by 5.4 percent from 3.0 percent in the first semester of 2011.
On a seasonally adjusted basis, GDP decelerated at 0.2 percent. Similarly, GNI grew by a slower pace of 1.0 percent in the second quarter of 2012. All three major sectors failed to sustain their gains in the first quarter of 2012. Agriculture, Hunting, Forestry and Fishery sector posted 1.2 percent growth in the second quarter from 2.7 percent in the first quarter of 2012. Industry declined by 2.4 percent from a 3.8 percent gain in the previous quarter. Services sector posted a 1.5 percent growth for the second quarter of 2012 from 2.6 percent in the previous quarter.
With projected population reaching 96.0 million, per capita GDP accelerated to 3.7 percent. Similarly, per capita GNI upped its growth by 3.4 percent while per capita HFCE slowed down by 3.5 percent.