“Philippine economy grew by 6.9 percent in the last quarter of 2014, pushing the average full-year growth to 6.1 percent, and maintaining the country’s trajectory towards a path of high growth,” Socio-economic Planning Secretary Arsenio Balisacan said in a press statement today.
Though 2014’s 6.1 percent GDP was slightly lower than the 6.5 to 7.5 percent GDP growth forecast, Philippines ranked second next to China with 7.4 percent and slightly higher than Vietnam with 6.0 percent.
“Growth in the fourth quarter of 2014 appears to be broad-based as all three major productive sectors – the agriculture, industry, and services sectors – have shown positive and robust growth during the period. Most notable is the recovery of the agriculture sector, which significantly grew by 4.8 percent in the fourth quarter of 2014 from the 0.9 percent growth in the same period in 2013,” Balisacan noted.
Presidential spokesman Secretary Edwin Lacierda said “the welcome news about our economic expansion once more reaffirms the resounding truth that good governance is good economics.”
This can be considered as the best three consecutive years (2012 with 6.8, 2013 with 7.2 and 2014 with 6.1) in most recent decades.