by: Sarah Joson
Monday, February 2, 2015 |
The Philippines is the second fastest-growing economy in Asia for 2014. According to Economic Planning Secretary Arsenio M. Balisacan, who is likewise the director-general of the National Economic Development Authority, the Philippine economy expanded by 6.2 percent last year, following China with 7.4 percent. Vietnam took third place with 6.0 percent.
During a press briefing at the Philippine Statistics Authority, Balisacan said the 6.1 average full-year growth of the nation was driven by the 6.9 percent growth posted during the fourth quarter of 2014. The figures posted during the last quarter are above the market expectations of 6.0 percent and 5.8 percent. The positive performance of the last quarter is a good indication that the economy will gain more traction this year.
Balisacan said agriculture, services, and the industry are the three major productive sectors of the country which propelled the growth during last year’s fourth quarter. The notable sector was agriculture which grew by 4.8 percent, up from the 0.9 percent growth during the last quarter of 2013. The industry sector grew by 9.2 percent, while the services sector grew by 6.0 percent.
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