Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2017
In this article (5)
Gross Domestic Product (GDP) posted a 6.6 percent growth in the fourth quarter of 2017, driving the economy to grow by 6.7 percent for the entire year of 2017.
Manufacturing, Trade and Real Estate, Renting and Business Activities were the main drivers of growth for the fourth quarter.
Among the major economic sectors during the fourth quarter of 2017, Industry had the fastest growth of 7.3 percent, followed by Services which grew by 6.8 percent during the quarter. Agriculture grew by 2.4 percent, rebounding from a 1.3 percent decline in the same quarter of the previous year.
Net Primary Income (NPI) accelerated by 4.1 percent compared with the 3.3 percent growth recorded in the fourth quarter of 2016. As a result, Gross National Income (GNI) posted a growth of 6.2 percent, faster than previous year’s growth of 6.0 percent. On an annual basis, GNI grew by 6.5 percent, while NPI’s growth is at 5.6 percent.
With the country’s projected population reaching 105.3 million in the fourth quarter of 2017, per capita GDP and per capita GNI grew by 5.1 percent and 4.7percent, respectively.
Questions & Answers
Q.Which sectors were the primary drivers of economic growth in the fourth quarter of 2017?
Which sectors were the primary drivers of economic growth in the fourth quarter of 2017?
Manufacturing, Trade and Real Estate, Renting and Business Activities were identified as the main contributors to the economy's growth during the fourth quarter. These sectors collectively propelled the overall GDP increase.
Q.How did the agricultural sector perform in the fourth quarter of 2017 compared to the previous year?
How did the agricultural sector perform in the fourth quarter of 2017 compared to the previous year?
Agriculture saw a growth of 2.4 percent in the fourth quarter of 2017. This represents a significant rebound, as the sector had experienced a decline of 1.3 percent in the same quarter of the previous year.
Q.What was the annual growth rate for the entire Philippine economy in 2017?
What was the annual growth rate for the entire Philippine economy in 2017?
The Philippine economy grew by 6.7 percent for the full year of 2017. This annual growth was driven by the strong performance, particularly the 6.6 percent GDP growth recorded in the fourth quarter.
Q.How did per capita GDP and GNI change given the country's population in late 2017?
How did per capita GDP and GNI change given the country's population in late 2017?
With a projected population of 105.3 million in the fourth quarter of 2017, per capita GDP increased by 5.1 percent. Per capita GNI also saw growth, rising by 4.7 percent during the same period.
Reader pulse
Will Philippine GDP growth maintain pace?
20,599 votes so far