The country’s gross domestic product grew 0.5 percent in the second quarter of 2010, a sharp decline from the 1.4 percent growth it recorded in the first quarter. The slowdown was attributed by the country’s statistics agency to sluggish consumer spending. Total consumer spending only grew by 0.7 percent from April to June compared to 1 percent growth in the first quarter of the year. Spending on electricity, gas and cars all fell, according to BBC.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.