Friday, January 29, 2016

Palace welcomes Gross Domestic Product growth in fourth quarter of 2015

Malacañang on Thursday (Jan. 28) welcomed the National Economic Development Authority (NEDA) report showing a 6.3 percent increase in the country's Gross Domestic Product (GDP) for the fourth quarter of 2015.

"The National Economic and Development Authority announced that the country’s real GDP growth for the fourth quarter of 2015 accelerated to 6.3 percent, up from 6.1 percent last quarter. This is the highest quarterly growth rate for the year, and brings our full-year GDP to 5.8 percent," Presidential Spokesperson Edwin Lacierda said in a statement.

The Palace official said that according to the report, increased momentum during the second semester was supported by strong domestic demand—with government final consumption growing faster by 17.4 percent—as well as robust growth in the industry and services sectors, which posted growth rates of 6.8 percent and 7.4 percent, respectively. On the demand side, the report also noted the increasing role of investments in economic growth, with fixed capital contributing 4.9 percentage points to the fourth quarter GDP.

"With these latest figures, the six-year moving average of real GDP growth has now reached 6.2 percent—the highest in 38 years, since 1978," Secretary Lacierda said.

He further noted that "compared to debt-fueled growth in the 1970s, the economy’s current performance is of higher quality, as it is supported by sound fundamentals and ongoing structural changes".

"In his last SONA (State of the Nation Address), the President mentioned that from 2010 to 2014, the Philippines posted an average GDP rate of 6.2 percent, marking our fastest growth period in the past 40 years. For 2015, compared to other major developing economies in Asia, the Philippines is expected to rank fourth in terms of full-year growth, after India, China, and Vietnam," Lacierda said.

“These encouraging results are in line with the government’s commitment to growth that is both inclusive and sustainable. Recent survey results affirm the positive changes that this growth has prompted in our Bosses’ lives, with the number of Filipinos who consider themselves poor and experience involuntary hunger falling, and personal optimism rising to its highest level in 28 years," he added.

Lacierda assured that the government remains committed to promote national progress.

"Indeed, this year has seen good news for the Philippines coming one after the other, boding well for the rest of 2016. Rest assured that the government will continue working to promote national progress alongside better services for our citizens. During the next elections, when our people will once again decide the country’s future, it is our hope that voters will choose a leader who will keep to the Straight Path—one who will build on our recent progress and further accelerate it. As President Aquino said, so long as we continue along Daang Matuwid, we will be able to reach first world status within one generation—and thus improve not only our own lives but also those of our children and grandchildren," Lacierda said. (PCOO News Release)

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