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Philippine economy posts 6.8% growth in 2016 highest in ASEAN

Staff Writer | January 26, 2017
The Philippine economy posted a 6.8 percent growth in 2016, making the country the fastest growing economy in 10 member states of the Association of Southeast Asian Nations (ASEAN), the National Economic and Development Authority said.
Philippine economy
Economy in Asia   The National Economic and Development Authority:
"This is along the high-end of the government's target of 6.0 to 7.0 percent growth rate for 2016. This also brings the seven-year moving average of real gross domestic product growth rate to 6.3 percent - the highest since 1978," Socioeconomic Planning Secretary Ernesto Pernia told a news conference.

Pernia said the Philippine economy grew 6.6 percent growth in the last quarter of 2016, backed by higher investment and consumption, which is a testament that the Philippine economy remains robust and is growing at a healthy and steady pace.

He said the Philippines is likely either the third or fourth fastest growing major Asian emerging economy in the fourth quarter after China's 6.8 percent and Vietnam's 6.7 percent, adding for the full year of 2016, it could be the second fastest, with China growing at 6.7 percent for the whole year.

Pernia said domestic demand continued to fuel growth for the fourth quarter of 2016.