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Phil economy at fastest pace in 3 years

dpa logodpa 26/01/2017

The Philippine economy grew at its fastest pace in three years in 2016.

The Philippine economy grew at its fastest pace in three years in 2016 despite a slowdown in the fourth quarter due to declines in agriculture and services, the government said.

Gross domestic product (GDP) grew by 6.8 per cent for the 2016, up from 5.8 per cent in the previous year, the Philippine Statistics Office said.

The annual growth was the fastest since 2013, when GDP expanded by 7.2 per cent.

"Our economy remains robust and is growing at a healthy and steady pace," Socio-Economic Planning Secretary Ernesto Pernia said at a press conference in Manila, as he announced the data.

For the fourth quarter of 2016, GDP slowed down to 6.6 per cent, from 7 per cent in the third quarter, the statistics office said.

But, this was still higher than the 6.5 per cent growth in the fourth quarter of 2015, the statement said.

Industry was the best performing sector, posting growth of 7.6 per cent in the fourth quarter, up from 6.5 per cent in the same period in 2015.

The Philippine economy is among the fastest growing in Asia, ahead of China's 6.7 per cent and Vietnam's 6.2 per cent. India has yet to release 2016 economic data.

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