Philippine GDP grew by 6.7 % in year 2017, making the Philippines as the fastest growing country in Asia, National Economic and Development Authority (NEDA) Director-General Ernosto Pernia Said on Tuesday.
“ It is a strong finish for the Philippine keeping it’s positon as one of the fastest growing economies in Asia after china which is 6.9% and Vietnam’s 6.8% GDP” He said in a briefing.
Pernia also said that economy remains “on target” despite a slight fall from the 6.9% GDP in last 2016. This year, Philippines has a 7 to 8% Growth target.
“this is a good performance given the fact that post-election year that it’s normal to witness a decline in economic growth” he said.
The 4th quarter of 2017, GDP Growth was at 6.6% compared at 7% GDP the previous quarter. He also pointed out that there is usually an economic slowdown in the 4th quarter of the year comparing 3 months before.
The best performing sectors in the 4th quarter are industry, which grew by 7% followed by services up 6.8% and agriculture which also went up by 2.4% and then decline in 1.3% this last quarter.
The 2016 and 2017 economic growth been strong and steady. Hoping 2018 will ship its trajectory upwards some more” pernia said.
In addition the duterte administration’s big project “Build,Build,Build” Infrastructure program, which includes 75” high-impact flagship projects” worth over P1.81 Trilllion will give more opportunities to our country.