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Financial News: Philippine Q4 GDP Growth Eases

Philippine Q4 GDP Growth Eases

01/25/2017 - 23:56:00 (RTTNews)

(RTTNews) - The Philippine economy expanded at a slower pace in the three months ended December, the Philippine Statistics Authority said Thursday.

Gross domestic product advanced 6.6 percent year-over-year in the fourth quarter, slower than the 7.0 percent growth in the third quarter, which was revised down from a 7.1 percent expansion estimated earlier.

The fourth quarter increase was the slowest recorded for the year, but was higher than the growth in the fourth quarter of 2015, the agency reported.

Manufacturing, trade, and real estate, renting and business activities were the main drivers of growth for the quarter.

Among the major economic sectors, industrial sector posted a robust growth of 7.6 percent. At the same time, services growth moderated to 7.4 percent from 7.8 percent last year. Agriculture sector contacted further by 1.1 percent.

On a seasonally adjusted basis, GDP rose 1.7 percent quarter-on-quarter in the December quarter, following a 1.5 percent gain in the third quarter.

In the whole year 2016, the economy expanded by 6.8 percent as compared to the preceding year.

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