The Philippines Statistics Authority (PSA) revealed that the gross domestic product (GDP) in the Philippines reached 5.9 percent in 2019.
The current GDP in the Philippines was considered as the slowest growth in eight years.
Among the sectors, the service sector posted 7.1 percent while industry sector grew by 4.9, and agriculture sector amounted to 1.5 percent.
Respectively, among the major expenditure, the government fiscal consumption expenditure posted the highest growth of 10.5 percent. The household final consumption expenditure amounted to 5.8, while gross capital formation recorded to 0.6, exports reached 3.2 percent, and 2.1 percent for imports.
The annual Net Primary Income (NPI) grew by 3.5 percent while the Gross National Income (GNI) increased by 5.5 percent.
GNI refers to the total domestic and foreign outputs of the Filipinos.
Further, country’s GDP in the fourth quarter in 2019 paved as the second fastest growing GDP in Asia next to China (See full story: PH’s GDP in Q4 2019, 2nd Fastest Growing Economy in Asia)
The delayed of the national budget in 2019 attributed to the missed target of the GDP.
Although the GDP missed its target, the inflation rate of the Philippines in 2019 is within the projected target of the experts.