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.
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