2018.01.2304:20:00UTC+00Philippine GDP Logs Robust Growth In 2017

The Philippine economy expanded at a robust pace in 2017 to remain among one of the fastest growing economies in Asia.

Gross domestic product advanced 6.7 percent in the whole year of 2017, the Philippine Statistics Authority showed Tuesday. However, the pace of growth slowed from 6.9 percent posted in 2016.

In the fourth quarter, economic growth eased to 6.6 percent from revised 7.0 percent in the preceding three months.

The expenditure-side breakdown of GDP showed that household consumption grew 6.1 percent annually, following third quarter's 5.3 percent increase. At the same time, growth in government spending accelerated to 14.3 percent from 8.3 percent.

Meanwhile, growth in capital formation eased to 8.2 percent from 8.7 percent. Exports and imports surged 18.6 percent and 17.5 percent, respectively.

On the production-side, industry registered the fastest growth of 7.3 percent, followed by services, which climbed 6.8 percent. The farm sector grew 2.4 percent in the fourth quarter.

The economy will slow further this year, weighed upon by moderating export growth and sluggish investment, Alex Holmes and Krystal Tan, economists at Capital Economics, said.

Nonetheless, the Philippines is set to remain one of the fastest growing economies in the region, they said.