The Philippines Government, said on Thursday that its economy grew by 5.9 per cent in 2019 after a stronger final quarter.
The National Economic and Development Authority said that the figure for the whole of 2019 was the slowest in eight years and slightly below the government’s target.
The Economic Planning Secretary, Ernesto Pernia, noted that the economy faced several challenges in 2019, including the delay in the passage of the national budget.
Pernia also attributed the challenges to the outbreak of African Swine Fever (ASF), and a ban on infrastructure spending during the May midterm election.
“Growth in the service sector and a hike in construction spending contributed to the fourth-quarter GDP growth of 6.4 per cent,” Pernia said.
