MANILA, Philippines – Philippine economic growth slowed to 6.1 percent last year, hampered by natural disasters, but still outpaced most other countries in Asia.
Socio-Economic Planning Secretary Arsenio Balisacan said Thursday that the 2014 performance ranks the Philippines as the second fastest growing Asian country behind China, which posted 7.3 percent growth, and ahead of Vietnam's 6.0 percent growth.
The Philippine economy grew 7.2 percent in 2013.
National Statistician Lisa Bersales says the "robust performance" of industry, particularly manufacturing and construction, lifted growth in the fourth quarter to 6.9 percent from 6.3 percent a year earlier.
She says services contributed 3.4 percentage points, industry 2.5 percentage points and agriculture 0.2 percentage points to the 2014 GDP growth of 6.1 percent.