Philippine economy posts 6.8% growth in 2016

The Philippine economy grew by 6.6% from a year earlier in the fourth quarter of last year, bringing the full-year economic growth of the Southeast Asian country to 6.8%, authorities said on Thursday. The expansion of the country’s gross domestic product — the measure of the country’s economic output within its boundaries — was driven by the strong performance of manufacturing, trade, real estate and other business activities, according to Socioeconomic Planning Secretary Ernesto Pernia. Among the major economic sectors, services remained the top contributor to the country’s gross domestic product in the fourth quarter at 41.1%. Industry, on the other hand, contributed 34.3% while agriculture had a share of 9.7%. Exports, on the other hand, accounted for 10.4%. The prospects of the country’s exports seem bright this year, especially to several countries including Japan, according to the Pernia, who cited the country’s developing relationship with the Philippines. Source: Kyodo...