Philippines misses GDP growth target for 2019
The Philippines' gross domestic product (GDP) grew by 6.4% in the 4th quarter of 2019, but it was not enough to propel the year's average within the government's target band.
The government aimed for economic growth to hit somewhere between 6% and 6.5%, but the 2019 average settled at 5.9%, said the Philippine Statistics Authority (PSA) on Thursday, January 23. This is the slowest growth in 8 years.
GDP growth needed to be at least 6.8% to cling on to the lower end of the target.
For the 4th quarter, services recorded the fastest growth at 7.9%, followed by industry at 5.4% and agriculture at 1.4%. For the whole year of 2019, services posted growth of 7.1%, while industry and agriculture registered growth rates of 4.9% and 1.5%, respectively.
Meanwhile, per capita GDP for 2019 stood at 4.6%.