Fourth quarter GDP grows 6.4%, but 2019 target falls short of forecast

January 23, 2020

The Philippine economy grew 6.4 percent in the fourth quarter, but full-year growth averaged 5.9 percent, below the low end of the government's target of six percent, the Philippine Statistics Authority (PSA) said Thursday.

The 5.9 percent average was the lowest GDP growth in eight years.

This marked the fourth straight year full-year growth declined from 6.9 percent in 2016. 

''Trade and repair of motor vehicles, motorcycles, personal and household goods; manufacturing; and construction were the main drivers of growth for the fourth quarter of 2019,'' said the PSA.

Among the major economic sectors, eervices posted the fastest growth in the fourth quarter with 7.9 percent. Industry grew by 5.4 percent. Agriculture, Hunting, Forestry and Fishing registered a growth of 1.5 percent, PSA said.

With the country’s projected population reaching 108.7 million in the fourth quarter, per capita GDP grew by 4.8 percent, the PSA said. 

Meanwhile, per capita Gross National Income and per capita household final consumption expenditure posted a growth of 4.5 percent and 3.9 percent, respectively. DMS