Philippine Economy grew 6.7% in 2017 — PSA

The Philippines maintained its status as one of the fastest growing among emerging economies in Asia albeit slightly lagging in 2017 due to the lack of boost from election-related expenditure unlike in 2016.

Philippine Statistics Authority (PSA) reported on Tuesday that the gross domestic product (GDP) expands by 6.6 percent in the fourth quarter, slower than the 6.9 percent posted in 2016.

According to Ernesto Pernia, who heads the state planning agency National Economic and Development Authority (NEDA), the 2017 GDP growth figure was “a strong finish that keeps our position as one of the fastest-growing economies in Asia after China’s 6.9 and Vietnam’s 6.8 percent.”

Nevertheless, it is within the government’s 6.5-7.5 percent target for 2017.

The GDP growth has mostly been attributed to the industry sector, which expanded by 7.3% in October to December, compared to the 7.0% GDP growth in the third quarter of 2017, and 6.6% in the fourth quarter of 2016.

The agriculture sector also grew by 2.4% during the quarter, in contrast with the 1.3% growth in October to December of 2016.