Growth by sector
Private sector investment in construction, machinery and equipment resulted in a robust 17-percent growth in gross domestic
[COLOR=blue !important][COLOR=blue ! important]capital [COLOR=blue ! important]formation[/COLOR][/COLOR][/COLOR]. This supported the healthy pace of growth in manufacturing and services, according to the NSCB.
Industry contributed 3.9 percentage points to total
[COLOR=blue !important][COLOR=blue !important]GDP [COLOR=blue !important]growth[/COLOR][/COLOR][/COLOR] on the back of brisk manufacturing, particularly electrical machinery, petroleum and coal products, and food?thanks to a strong pick-up in domestic demand and the rebound in external trade.
The services sector contributed 3.5 percentage points to GDP growth, boosted by the strong performance of trade and private services. This was complemented by flourishing domestic investment, robust expansion in business process outsourcing, hotels and restaurants, wholesale and retail trade, and import and export trade.
Due to fewer typhoons, the agriculture sector managed to grow 5.4 percent in the fourth quarter. ?Only two typhoons hit the country compared to seven in the last quarter of 2009,? Socioeconomic Planning Secretary Cayetano Paderanga noted.
Nonetheless, full-year growth in agriculture, fishery and forestry was subdued due to the lingering effects of the El Niño weather phenomenon in the first half of 2010.