1st LD Writethru: Philippine economy grows 5.9 pct in 2019
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E-mail Xinhua, January 23, 2020
MANILA, Jan. 23 (Xinhua) -- The Philippines's gross domestic product (GDP) posted a year-on-year growth of 6.4 percent in the fourth quarter of 2019, resulting in the 5.9 percent full-year growth for 2019.
Philippines Statistics Authority (PSA) head Claire Dennis Mapa made the announcement at a news conference on Thursday.
The National Economic and Development Authority said the 5.9 percent growth in 2019 is "the slowest in eight years and slightly below the low-end 6.0 to 6.5 percent revised target of the government for the year."
Mapa said trade and repair of motor vehicles, motorcycles, personal and household goods; manufacturing and construction were the main drivers of growth for the fourth quarter of 2019.
Among the major economic sectors, he said services posted the fastest growth in the fourth quarter of 2019 with 7.9 percent.
"Industry grew by 5.4 percent. Agriculture, hunting, forestry and fishing registered a growth of 1.5 percent," Mapa added.
Mapa said the net primary income (NPI) from the rest of the world and gross national income (GNI) had corresponding growths of 4.6 percent and 6.2 percent.
On an annual basis, Mapa said NPI grew by 3.5 percent, and GNI by 5.5 percent.
With the country's projected population reaching 108.7 million in the fourth quarter of 2019, he said per capita GDP grew by 4.8 percent.
Meanwhile, Mapa said per capita GNI and per capita household final consumption expenditure (HFCE) posted a growth of 4.5 percent and 3.9 percent, respectively.
This fourth quarter 2019 outturn brings the full-year 2019 economic growth to 5.9 percent, the slowest in eight years and slightly below the low-end of the 6.0-6.5 percent revised target of the government for the year.
The government official attributed the slowdown of the economic growth to the domestic issue and abnormal weather.
"We have seen our economy facing several challenges right at the start of 2019 as the budget impasse led to delays in the implementation of government programs and projects," Socioeconomic Planning Secretary Ernesto Pernia told a news conference.
"Adding to the problem was the election ban on certain, mainly infrastructure, projects," Pernia added.
Due to the El Nino phenomenon during the first half of 2019, several agriculture productions like corn, sugar and banana declined in 2019, Pernia said. Enditem
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