PH economy expands 6.2% in 2018

Pernia said economic growth remained stable as it grew 6.1 percent in the fourth quarter last year from the revised 6 percent in the third quarter. (File Photo: National Economic and Development Authority/Facebook)

MANILA — The country’s gross domestic product (GDP) expanded 6.2 percent in 2018, cementing the Philippines’ standing as one of Asia’s fast-growing economies, the government reported Thursday.

In a press briefing, Socioeconomic Planning Secretary Ernesto Pernia said 2018 was the seventh consecutive year the Philippine economy sustained its growth of more than 6 percent.

Pernia said economic growth remained stable as it grew 6.1 percent in the fourth quarter last year from the revised 6 percent in the third quarter.

“As we are now on a higher growth trajectory, with our economy growing at an average of 6.5 percent in the first 10 quarters of this administration, we want to focus more on sustaining this momentum,” he added.

The Philippine Statistics Authority (PSA) said among the major economic sectors during the fourth quarter, industry had the fastest growth with 6.9 percent. This was followed by services which grew by 6.3 percent, and agriculture by 1.7 percent.

The country’s gross domestic product (GDP) grew 6.7 percent in 2017.