Philippine economy grows 6.2 pct in 2018

The Philippine economy grew 6.1 percent in the fourth quarter of 2018, bringing 2018’s economic growth to 6.2 percent.

Illustrative image (Source: The Star)

Illustrative image (Source: The Star)

At a press conference on January 24, head of the Philippine Statistics Authority Lisa Grace Bersales said the main drivers of growth for the quarter were construction, trade and repair of motor vehicles, motorcycles, personal and household goods and other services.

Industry posted the fastest growth, with 6.9 percent, followed by services (6.3 percent) and agriculture (1.7 percent). 

Secretary of Socio-economic Planning Ernesto Pernia said it is the seventh consecutive year the Philippine economy sustained more than 6 percent growth, cementing its standing as one of the fastest-growing economies in Asia. 

Pernia stressed the need for the government to address policy uncertainties, attract more foreign investment in infrastructure and restore business confidence in the country. 

He said the government is targeting 7-8 percent growth this year.

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