Economy grew 5.5%, slowest in 17 quarters

August 8, 2019

The Philippine economy grew at its slowest pace in four years, the Philippine Statistics Authority ( PSA) said Thursday.

Gross domestic product grew 5.5 percent compared for the first quarter's 5.6 percent.

Socioeconomic Planning Secretary Ernesto Pernia said growth lagged due to the late approval in the 2019 national budget, an election ban on construction activities, the El Nino phenomenon and growing protectionist stance in advanced economies. DMS