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Philippines’ economy grows 6.3% in Q4, beats expectations

by ChemOrbis Editorial Team -
  • 29/01/2016 (01:57)
According to media reports, data from the Philippines’ official statistics agency showed that the country’s gross domestic product (GDP) grew 6.3% in the fourth quarter from a year earlier, posting stronger growth than economists’ expectations, which called for a growth rate of 5.9% in a survey by Bloomberg. In 2015, meanwhile, the country’s GDP expanded 5.8%. The Q4 growth rate also exceeded the growth of 6.1% recorded in the third quarter.

The acceleration in the economy stemmed from higher state and consumer spending, which rose 17.4% and 6.4% on the year, respectively, in the final quarter. Economists commented that the Philippine economy does not need further stimulus at the moment and will remain on a strong note this year, with growth projections calling for a growth rate of 5.7% in 2016.
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