2014 PH fourth quarter rate higher than expected at 6.9%

By , on January 29, 2015

Shutterstock Photo
Shutterstock Photo

MANILA, Philippines – The Philippine economy grew at a rate of 6.9-percent in the last quarter of 2014; exceeding the forecast of 6 percent.

The faster growth rate can be attributed to a stronger industrial sector, especially in the fields of Manufacturing and construction, according to Lisa Grace Bersales, a national statistician.

“For the fourth quarter, the country’s GDP accelerated to 6.9 percent from 6.3 percent in same period of the previous year,” Bersales said.

“This followed three quarters of decelerated growth. The robust performance of industry sector, particularly by manufacturing and construction, and supported by trade, real estate renting and business activities and transport, storage and communication, boosted the fourth quarter performance and paved the way for the annual GDP to post a growth of 6.1 percent from 7.2 percent in the previous year,” she added.

According to a poll by Reuters, the fourth quarter growth rate of the Philippines in 2014 marginally exceeded the expectation of economic analysts, who pegged the rate at 6-percent, based on the 5.3 percent growth in September of the same year.

The Philippine economy grew at 6.1 percent in 201; still lower that the government’s target of 6.5 to 7.5 percent for 2014.

This year, the government has set the mark at 7-8 percent growth.