A loose, steaming pile of GDP

When the term of President B.S. Aquino 3rd comes to its long-awaited end, whenever that is, one of the remarkable economic achievements his Administration will legitimately be able to claim is to have rendered GDP growth completely irrelevant as a measure of the country’s economic growth.

I’ll admit I was surprised by it yesterday; not by the Q2 growth rate itself, which at 6.4 percent was only slightly higher than my own prediction (which was 6.2 percent), but the fact that the reaction to the news from most quarters was a hearty “So what?”