The Philippine output rebounded sharply in the fourth quarter last year, growing as the second fastest economy in Asia—next to China—for the whole of 2014.
This is on the back of the robust growth of the three productive sectors and the fulfillment of government’s promise to ramp up public spending, the country’s chief economist said.
The gross domestic product (GDP) in the fourth quarter expanded by 6.9 percent, bouncing from the disappointing 5.3 percent in the third quarter, National Statistician Lisa Grace S. Bersales announced in a briefing in Makati City Thursday.
The Philippines was the third fastest growing economy for the period, next to China’s 7.3 percent and Vietnam’s 7 percent.
Annual GDP rose 6.1 percent, slower than the 7.2 percent growth posted in 2013. As expected, the full-year output is below the 6.5 to 7.5 percent government target for the year.