In2014, the pace is expected to pick up to 7.5 percent as recovery gainstraction in Europe and the United States, the ADB said in its updatereport.
The bank's Asian Development Outlook Update 2013 reportshowed exports of garments and footwear to the US and the European Unionexpanded by 11.3 percent year-on-year to 2.3 billion USD, and exportsof milled rice doubled to 122 million USD in the first half of 2013.
Approvalsfor construction projects went up sharply to 1.9 billion USD during thesame period, whereas credit for the construction sector grew by 46percent in June from a year earlier, it added.
Tourist arrivalsreached 2.1 million in the first six months, up by 19 percent from theprevious year. In 2013, the service sector as a whole is projected togrow by 7 percent and agricultural output by about 4 percent, the banksaid.
The report noted that growth in credit to the private sector eased to 29 percent in June, down from 34.1 percent in 2012.
Theyear-average inflation forecast for 2013 is trimmed from the 3 percentprojected in April to 2.5 percent, reflecting an unexpectedly lowinflation of 1.8 percent between January and June, according to thereport.-VNA
Typhoon Trami makes landfall in Philippines’ Luzon island
Tropical Storm Trami made landfall in the Philippines' main island of Luzon early morning of October 23, forcing schools and government offices to shut down for a second straight day.
