Philippine economy grew by 5.8% for 2015

It’s official. The Philippine economy grew by 5.8% for 2015, slower than 6.1% a year before, the Philippine Statistical Authority (PSA) said in a press briefing.

The Philippines' gross domestic product (GDP) grew by 6.3% in the last quarter of 2015, up from 6.0% in the 3rd quarter, the government announced Thursday, January 28.

The growth for the last quarter was the highest for the entire year.

This brought GDP growth for the entire 2015 to to 5.8%.

The 2015 full-year figure is slightly higher than what's been predicted.

Early this week, multilateral lender International Monetary Fund (IMF) slashed the GDP growth of the Philippines to 5.7% instead of 6% for 2015 amid the slowdown in China and the normalization of interest rates in the US.

The Q4 growth was also higher than what some analysts had foreseen. Moody’s Analytics earlier said in its latest Asia Pacific economic preview that the GDP growth for 4th quarter was 5.9%.

The challenge is to sustain momentum for reforms, said outgoing Socio-Economic Planning Secretary Arsenio Balisacan.

The Philippines is the 4th fastest-growing economy in Asia after India, China and Vietnam.

Sources: CNN Philippines, Rappler