GDP growth of the Philippines under Duterte administration

"GDP growth of the Philippines under Duterte administration"

The Gross Domestic Product (GDP) grew year-on-year by 7. 0 percent in the second quarter of 2016. This growth is driven by the Services sector, particularly Trade, Real Estate, and Other Services. This is higher than the 5. 9 percent growth in the same period last year. For the second quarter of 2016, Services expanded by 8. 4 percent and Industry expanded by 6. 9 percent. These are higher than the previous growth rates of 6. 7 percent and 6. 1 percent, respectively. On the other hand, Agriculture declined by 2. 1 percent. In 2015, it declined by 0. 1 percent.

The Gross Domestic Product (GDP) grew year-on-year by 7. 1 percent in the third quarter of 2016. This growth is driven by Manufacturing, Trade, and Real Estate, Renting and Other Business Activities. This is higher than the growth rates of 7. 0 percent in the second quarter of 2016 and 6. 2 percent in the third quarter of 2015. Among the major sectors, Services posted a growth of 6. 9 percent in the third quarter of 2016, lower than the 7. 2 percent growth in the previous year. On the other hand, Industry accelerated to 8. 6 percent compared with 6. 1 percent in 2015. Meanwhile, after five consecutive quarters of decline, Agriculture rebounded to 2. 9 percent in the third quarter of 2016. In the same period last year, it declined by 0. 1 percent.

Quarter 4 GDP growth in 2016 The 6. 6 percent growth in the last quarter of 2016, backed by higher investment and consumption, is testament that our economy remains robust and is growing at a healthy and steady pace. Although this is lower than the 7. 0 percent growth in the third quarter of 2016, this is higher than the 6. 3 percent growth recorded during the fourth quarter of 2015. Let me note that the last quarter growth of an election year is usually slower than the first half due to the transition of government, and as investors adopt a “wait-and-see” attitude. Economic growth from the first to the last quarter of 2016 has been very encouraging, with an average full-year growth of 6. 8 percent. This is along the high-end of the government’s target of 6. 0 to 7. 0 percent growth rate for 2016. This also brings the seven-year moving average of real GDP growth rate to 6. 3 percent - the highest since 1978. We are likely either the third or fourth fastest growing major Asian emerging economy in the fourth quarter after China’s 6. 8 percent and Vietnam’s 6. 7 percent. For the full year of 2016, we could be the second fastest, with China growing at 6. 7 percent and Vietnam at 6. 2 percent for the whole year. Domestic demand, in terms of investment and consumption, continued to fuel growth for the fourth quarter of 2016.