The Philippine economy has grown above 6% for the 6th straight year in 2017. This has been possible because of the recovered agriculture sector, strong government consumption, as well as better exports and imports.
Despite the drop in private construction spending, post-election impact, and a plateauing business process outsourcing (BPO) industry. National Statistician Lisa Grace Bersales on Tuesday, January 23 announced that the gross domestic product (GDP) grew 6.7% in 2017, slightly below the 6.9% growth recorded in 2016.
However, the Philippines is still placed among the fastest-growing economies in Asia behind China’s 6.9% and Vietnam’s 6.8%. During the last quarter of 2017, the Philippine economy grew by 6.6%, slightly below the 6.7% median forecast in Bloomberg’s poll.
“You can see that our decline is really very moderate. To me, this is a good performance, given the fact that it is already normal for post-election years to witness a decline in economic growth,” said Socioeconomic Planning Secretary Ernesto Pernia.
Pernia, also the director general of National Economic and Development Authority (NEDA), said GDP growth in the 4th quarter was backed by growth of 14.3% in government consumption, a “robust” hike, from a mere 4.5% in the same period in 2016.