PHL GDP grows 6.4% in Q1, still among Asia’s fastest

By on May 18, 2017


The Philippine economy expanded by 6.4 percent in the first quarter this year, making it still one of the strongest performers among emerging economies in Asia. (Photo: ASEAN Skyline/Facebook)
The Philippine economy expanded by 6.4 percent in the first quarter this year, making it still one of the strongest performers among emerging economies in Asia. (Photo: ASEAN Skyline/Facebook)

MANILA—The Philippine economy expanded by 6.4 percent in the first quarter this year, making it still one of the strongest performers among emerging economies in Asia.

Government data indicated that last quarter’s gross domestic product (GDP) growth, however, was slower than the 6.9 percent during the same period in 2016 due to the high base effects from last year’s elections.

The services sector continued to be the main growth driver during the period, accelerating by 6.8 percent.

Industry decelerated to 6.1 percent, while agriculture recovered with 4.9-percent growth.