Economic growth in 2019 slowest in 8 years -PSA

By ANNA LEAH E. GONZALES, THE MANILA TIMES, 23 Jan 2020

THE Philippine economy grew to 6.4 percent in the fourth quarter of 2019, the slowest in eight years, bringing the full-year growth rate to 5.9 percent, just below the government’s target.

The Philippine Statistics Authority (PSA) said in a briefing Thursday that the October-to-December figure was higher than the revised 6.0 percent in the third quarter and the 6.3 percent recorded in the same period in 2018.

“This fourth-quarter 2019 growth outturn brings the full-year 2019 economic growth to 5.9 percent, the slowest in eight years and slightly below the [lower end] of the 6.0 to 6.5-percent revised target of the government for the year,” Socioeconomic Planning Secretary Ernesto Pernia said.

“We have seen our economy facing several challenges, even at the start of 2019 as the budget impasse led to delays in the implementation of government programs and projects. Adding to the problem was the election ban on certain, mostly infrastructure projects,” he added.

Pernia however said that the country’s gross domestic product (GDP) likely ranked third in the region, after Vietnam’s 7.0 percent and China’s 6.0 percent.