The Philippine economy grew more than expected in the fourth quarter of 2014 as industrial sector growth surged, figures from the National Statistical Coordination Board showed on Thursday.
Gross domestic product for the fourth quarter advanced 6.9 percent year-on-year, exceeding economist expectation for 6.0 percent growth. This followed a 5.3 percent rise in the third quarter.
In the same period last year, the growth rate was 6.3 percent.
The accelerated pace of growth in the fourth quarter reflected the 9.2 percent solid growth in the industry sector, particularly in the manufacturing and construction sector. It was also supported by expansion in the trade, real estate, renting & business activities, and transport, storage & communication sectors. The services sector expanded 6 percent.
The expenditure-side breakdown showed that exports and imports rose 15.5 percent and 5.3 percent, respectively. Household spending advanced 5.1 percent from last year and government expenditure climbed 9.8 percent.
Meanwhile, capital formation decreased 4.9 percent.
The annual increase in the gross national income slowed to 6.3 percent in 2014 from 7.5 percent in 2013.
On a quarter-over-quarter basis, GDP grew by a seasonally adjusted 2.5 percent in the third quarter – beating forecasts for 1.8 percent after rising 0.7 percent in the third quarter.
The National Statistics Office reported Tuesday that the trade balance in the Philippines unexpectedly turned to a surplus in November.
Also, the statistics office announced last week that Philippine export growth accelerated considerably in November, after easing notably in the previous month.
Published: 2015-01-29 03:08:00 UTC+00
Philippines Q4 GDP Growth Exceeds Expectations
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