Philippine economy among the fastest-growing in Asia with 6.6% expansion in fourth quarter 2017

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  • PH economic growth rate is 6.6% in the last quarter of 2017
  • This result puts PH among the fastest-growing economy in Asia
  • Sec. Pernia said the government aims to improve the total growth rate by 7-8% in 2018

The Philippines’ economic performance finished great at 6.6% in terms of Gross Domestic Product (GDP) in the last quarter of 2017.

On Tuesday, January 23, Philippine Statistics Authority (PSA) also reported a full-year economic growth of one percent higher at 6.7% for the country. This result placed PH among the fastest-growing economy in Asia in 2017.

The industry sector was considered as the main driver of the economic expansion with its notable growth by 7.3% in October to December 2017, according to National Statistician Lisa Grace Bersales. It was closely followed by services which grew 6.8%. On the other hand, the agriculture sector only raised by 2.4 % during 2017’s last quarter.

Although its considerably little, the agriculture sector actually improved from a 1.3-percent decline in the last quarter of 2016.

Another notable increase in the 4th quarter of 2017 was the 14.3 percent in public spending, which increased from 4.5 percent last 2016. Sec. Pernia of Socioeconomic Planning said that this was due to the government’s effort to deliver timely public services and social protection programs. Some of the 2017 public spending went to calamity assistance, Marawi Siege rescue and rehabilitation, scholarship programs, and other health programs.

Even though the PH peso depreciated with an exchange rate of P51-$1, it seems that the economic expansion in 2017 and the most updated GDP looks promising for 2018. According to Pernia, they are determined to work together to help raise growth to 7-8% economic development in the country.

The secretary emphasized that both 2016 with 6.9% expansion and 2017 with 6.7% expansion means that our country was able to hit the growth range target. Though, of course, they are looking forward to a more upward development in the PH’s economy.