Daily News

GDP growth falls to 8-year low in 2019

The Philippine Statistics Authority (PSA) reported that the Philippine economy grew by 6.4% in the fourth quarter, its fastest pace for 2019 on the back of robust household spending and a rebound in government spending, but was not enough to hit the full-year goal. The October-December outcome was higher than the revised six percent in the third quarter and 6.3% in the fourth quarter of 2018. This brought the full-year gross domestic product (GDP) growth to 5.9%, slower than 2018’s 6.2%. The latest full-year reading was the slowest in eight years or since the 3.7% in 2011. It also broke the economy’s seven-year streak of at least 6% growth