MANILA – The Philippine economy grew by 6.7 percent in 2017, driven by the growth of the industrial sector and a recovery of agriculture in the last quarter of the year, official sources reported on Tuesday.
The Philippine Gross Domestic Product (GDP) in 2017 is 0.1 percent lower than the 6.8 percent growth in 2016, making it among the fastest growing economies in the Asia-Pacific region.
In Q4 in 2017, the Philippine economy grew by 6.6 percent year on year, the same growth rate as in the previous year, according to the Philippine Statistics Authority.
The industrial sector, which comprises about one third of the Philippine economy, posted the fastest growth of 7.3 percent followed by services, representing half of the GDP, which grew by 6.7 percent.
The agriculture sector recorded a growth of 2.4 percent in Q4, reversing the 1.3 percent decline recorded in the same quarter last year.
For 2018, the Philippine economy is expected to maintain its growth rate and remains one of the fastest growing economies in the region.
The World Bank and the Asian Development Bank projected the Philippines’ growth rates of 6.7 and 6.8 percent, respectively.
The Philippine government has a more optimistic projection, targeting a 7-8 percent growth contributed mainly by the infrastructure development projects and the recent tax reform.