Philippine GDP growth of 4.9% in the first quarter

The Philippine economy posted a modest 4.9 percent growth in the first quarter on back of the slowdown in global trade and weaker government spending, government officials announced Monday.

The first quarter's growth is slower compared to the same period in 2010 when the country's gross domestic product rose 8.4 percent thanks to election-related spending.

"The industry-driven growth benefited from the sustained growth of manufacturing and the recovery of agriculture but tempered by the lackluster trading activities," said Romulo Virola, secretary general of the National Statistical Coordination Board.

He added that lower government spending also eased first quarter growth.

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