Metro Manila (CNN Philippines) – The Philippine economy grew by 5.8 percent in 2015, but this is slower than the 6.1 percent increase in 2014, the Philippine Statistics Authority (PSA) reported in a press conference on Thursday (January 28).
In the fourth quarter alone, the country’s economy grew by 6.3 percent – the highest for 2015, but still slower than the 6.6 percent growth in the same quarter in 2014.
But Economic Planning Secretary Arsenio Balisacan said the growth for 2015 is still respectable.
The Philippines is also the fourth fastest growing Asian economy in 2015 – behind India, China, and Vietnam.
Balisacan attributed 2015’s expansion to strong domestic demand and bigger government spending.
The industry sector grew by six percent in 2015, slower than the 7.9 percent in 2014.
Meanwhile, the services sector accelerated to 6.7 percent in 2015 from 5.9 percent the year before.
But the agriculture sector grew by only 0.2 percent in 2015, and showed a 0.3 percent decline in the fourth quarter.
Also read: NEDA gives assessment on 2015 PH economic performance
Higher growth in 2016 despite challenges
Balisacan said the growth of the agriculture sector remains a challenge to economic planners.
This 2016, the weaker global economy and the vulnerability of the agriculture sector to El Niño and typhoons are seen to impact Philippine economy.
Despite these challenges, Balisacan said he is expecting higher growth this year.
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