In the 4th quarter of 2019, the Philippines gross domestic product (GDP) grew by 6.4%. The growth was mainly due to an increase in government spending – up to 18.7% in the fourth quarter – after a delay in adopting the budget in the first half of the year. Therefore, from October to December, GDP accelerated from 6% in the third quarter. However, the average for 2019 was set at 5.9%.
The government planned for economic growth to reach somewhere between 6% and 6.5%, but despite the rapid growth in services, expectations were not destined to come true. This is the slowest growth in 8 years.
“Full-year GDP grew of 5.9%, amidst a slowing global economy, is still impressive. The Philippines is still one of the fastest growing economies in Asia and in the world,” said the central bank governor, Benjamin Diokno.
Most quickly in the 4th quarter grew GDP in the services sector by 7.9%, followed by industry by 5.4%. For the whole of 2019, the growth of services amounted to 7.1%, and in industry – 4.9%.
GDP per capita for 2019 was 4.6%.