Philippines’ GDP likely grew 6.8% to 7.1% in Q4s’

GDP likely grew 6.8% to 7.1% in Q4
By Leslie D. Venzon

MANILA (Philippines News Agency) — The Philippine economy is expected to have grown by 6.8 percent to 7.1 percent in the fourth quarter of 2016, bringing the average full-year growth to about 7 percent, according to the National Economic and Development Authority (NEDA).

NEDA Director-General Ernesto Pernia told reporters that manufacturing, consumption and investments continued to drive last quarter’s gross domestic product (GDP).

Pernia believes that the impact of typhoons on the economy will still manifest in the first quarter of 2017 GDP figure.

Typhoons Karen, Lawin and Nina hit the country during the last quarter of 2016.

“There is usually a lag in terms of the reckoning of (typhoons) damage. Some of the damages have not really been assessed yet,” he said.

The NEDA chief is optimistic that last quarter’s figure will bring the country’s GDP to about 6.9 percent for the full-year 2016.

“We’ll probably not too far from there (6.9 percent). (But) I hope it’s seven percent,” added Pernia.

GDP expanded 7 percent in the first three quarters of 2016.

The Philippine Statistics Office (PSA) is scheduled to release the country’s fourth quarter and 2016 GDP data on Jan. 26. (PNA)


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