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Philippine economic growth accelerates in Q4, beats estimates

by ChemOrbis Editorial Team - content@chemorbis.com
  • 29/01/2015 (15:54)
According to media reports, the Philippines’ economic growth beat estimates in the fourth quarter of 2014. The country’s gross domestic product (GDP) increased 6.9% year over year in the October- December period of 2014 after growing 5.3% in the previous quarter while economists’ initial estimates called for a gain of 6% in a survey by Bloomberg. Following its recent stronger economic growth rates, the Philippines has reportedly become Asia’s second-fastest growing economy after China.

Although the country’s GDP slowed to a growth rate of 6.1% in 2014 when compared to the growth rates of 7.2% and 6.8% recorded in the previous two years, the Philippines’ still posted the best three years of expansion since the middle of the 1950s, according to Bloomberg.

The country’s stronger than expected economic growth was attributed to higher government spending and rising manufacturing output as well as lower fuel costs stemming from plunging crude oil prices. The country’s industrial production increased 9.2% on the year in the last quarter while government spending rose 9.8% to post the fastest pace of growth in six quarters.

Meanwhile, the International Monetary Fund (IMF) increased their economic growth estimates for the Philippines to 6.6% for 2015 in spite of lowering their predicted growth rates for most other global economies.
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