PH economic growth slows to 6.2% in 2018

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Metro Manila (CNN Philippines, January 24) — The economy grew by 6.2 percent last year, down from the 6.7 percent posted in 2017 and the slowest in three years, the Philippine Startistics Authority (PSA) said Thursday.

In a press briefing, the PSA attributed the drop to slower growth of the agriculture and manufacturing sectors, as well as the deceleration of China's economy which affected the country's exports.  Industry recorded the fastest growth at 6.9 percent, followed by services which expanded by 6.3 percent, and agriculture at 1.7 percent.

Economic growth fell as inflation hit record highs in 2018.

The PSA also announced that the country's gross domestic product (GDP) hit 6.2 percent in the last quarter of 2018.

President Rodrigo Duterte's economic team earlier projected a 7.1 percent GDP growth in the last three months of last year in hopes of meeting the government's revised 2018 target of 6.5 to 6.9 percent.

GDP growth was at 6.9 percent in 2016, and 5.8 percent in 2015.

The economic managers remain optimistic that the country can meet its growth target of 7 to 8 percent annual GDP in 2019.

This is a developing story.