Philippine economy posts 6.6％ GDP growth in Q 4; 6.7％ in 2017

By APD writer Melo M. Acuna

MANILA, Jan. 24 (APD) - Socioeconomic Planning Secretary Ernesto M. Pernia reported the country’s Gross Domestic Product posted a 6.6 percent growth in the fourth quarter of 2017 leading to a 6.7 percent economic growth for the entire 2017.

He said manufacturing, trade and real estate, renting and business activities were the main drivers of growth for the fourth quarter.

Secretary Pernia said the Philippines continues to be one of the fastest growing economies after China’s 6.9% and Viet Nam’s 6.8%.

National Statistician and Civil Registrar General Lisa Grace S. Bersales said among the major economic sectors during the fourth quarter of 2017, Industry had the fastest growth of 7.3 percent, followed by Services which grew by 6.8 percent.

Agriculture also grew by 2.4 percent rebounding from a 1.3 percent decline in the same quarter of the previous year.

The Net Primary Income (NPI) accelerated by 4.1 percent compared with the 3.3 percent growth recorded in the fourth quarter of 2016.

“The Gross National Income (GNI) posted a growth of 6.2 percent, faster than previous year’s growth of 6.0 percent,” she said in a media briefing.

On an annual basis, GNI grew by 6.5% while NPI’s growth is at 5.6 percent.

She concluded by saying with the country’s projected population reaching 105.3 million in the fourth quarter of 2017, per capita GDP grew by 5.1 percent and per capita GNI grew by 4.7 percent.

(ASIA PACIFIC DAILY)