Philippines Economy Expands 1.7% QoQ in Q4
The Philippines GDP expanded 1.7 percent quarter-on-quarter in the three months to December 2016, compared to an upwardly revised 1.5 percent growth in the September quarter and slightly above markets estimates of a 1.6 percent growth. The services sector grew at a faster pace while the industry sector slowed and the agriculture contracted.
1/26/2017 4:38:03 AM
In the fourth quarter, the services sector rose 2.0 percent, up significantly from a 0.9 percent rise in the September quarter. The industry sector advananced 2.0 percent, slower than a 2.0 percent expansion in the previous three months. In contrast, the agriculture, hunting, forestry and fishing shrank 1.1 percent, after growing 2.3 percent rise in the third quarter. It was the first decline since the March quarter 2016.
Year-on-year, the economy grew an annual 6.6 percent, following a downwardly revised 7.0 percent expansion in the previous two quarters but slightly above market consensus of a 6.5 percent growth. It was the weakest expansion since the December quarter 2015.
For full 2016, the economy grew by 6.8 percent, faster than a 5.9 percent expansion in 2015.