Off the wire
• Human Go players face challenges from AI  • S.Kroea closely watching possible DPRK long-range missile launch  • Tokyo shares end lower ahead of BOJ policy decision  • Aussie stocks rally amid U.S. futures pointing to strong opening  • Canada unveils new rules for pipeline approvals  • (Sports) Serena Williams one step away from record-equaling 22nd Grand Slam title  • Myanmar president reiterate promise for systematic power transfer  • China's coal-producing province to curb production  • Roundup: Vietnam's communist party congress concludes  • Indian stocks open flat  
You are here: 　 Home

Philippine economic growth hits 6.3 pct in Q4

Xinhua, January 28, 2016 Adjust font size:

The Philippine economy grew by 6.3 percent in the fourth quarter of last year, bringing the full year gross domestic product (GDP) expansion to 5.8 percent, authorities said Thursday.

The fourth quarter and the 2015 economic growths were slower than the 6.6 percent during the same period a year ago and 6.1 percent in 2014.

The fourth quarter GDP was driven by the services sector which accelerated to 7.4 percent from 5.6 percent while industry decelerated to 6.8 percent from 9.1 percent, said Lisa Grace Bersales, National Statistician and Civil Registrar General.

On the other hand, agriculture contracted by 0.3 percent from a growth of 4.2 percent in the previous year, she added.

Economic Planning Secretary Arsenio Balisacan said that while the GDP growth last year was lower than the 7-8 percent target, it was respectable given the difficult external environment, the onset of El Nino, and the challenges in government spending in the first semester.

"Looking ahead, we are hopeful that the next leaders of this country will sustain the programs and reforms that have gathered significant gains over the years," he said.

National and local elections in the country will be held in May this year. Endit