The gross domestic product (GDP) in the Philippines during the fourth quarter of 2019 increased to 6.4 percent, the second fastest growing economy in Asia. Country’s GDP is next to Vietnam’s annual rate of 7 percent economic growth.
“Philippines likely ranked second as the fastest growing economy in Asia behind Vietnam’s 7 percent and higher than China’s 6 percent growth rate in the fourth quarter,” Ernesto Pernia ,Socioeconomic Planning Secretary, said.
Moreover, Pernia stated that the budget in 2019 impasse led to delays in the implementation of government programs and projects, and the election ban on infrastructure projects attributed to the challenges of the growing economy.
President Rodrigo Roa Duterte signed the budget for 2019 in April.
Respectively, the GDP in the Philippines for 2019 is 5.9 percent, slowest in eight years since 2011 with a 3.7 percent annual rate.
This year’s GDP was below the target of 6 to 6.5 percent of the government for the year.
“Among the major economic sectors, services posted the fastest growth in the fourth quarter of 2019 with 7.9 percent,” the Philippine Statistics Authority (PSA) reported.
On the other, the industry sector increased by 5.4 percent, while agriculture, hunting, forestry, and fishing registered a growth of 1.5 percent.