A laborer works at a construction site in Quezon City, the Philippines, Jan. 24, 2019. The Philippine economy grew 6.1 percent in the fourth quarter of 2018, bringing the full-year economic growth for 2018 to 6.2 percent. (Xinhua/ROUELLE UMALI)
MANILA, Jan. 24 (Xinhua) -- The Philippine economy grew 6.1 percent in the fourth quarter of 2018, bringing the full-year economic growth for 2018 to 6.2 percent.
Lisa Grace Bersales, head of the Philippine Statistics Authority, told a news conference on Thursday that the main drivers of growth for the quarter were construction, trade and repair of motor vehicles, motorcycles, personal and household goods, and other services.
Among the major economic sectors during the fourth quarter of 2018, she said industry had the fastest growth, with 6.9 percent. This was followed by services, which grew by 6.3 percent, and agriculture, by 1.7 percent, she added.
Bersales said net primary income (NPI) grew by 0.9 percent. As a result, gross national income (GNI) posted a growth of 5.2 percent.
On an annual basis, GNI grew by 5.8 percent, while NPI's growth was 3.7 percent.
With the country's projected population reaching 107 million in the fourth quarter of 2018, per capita gross domestic product and per capita GNI grew by 4.4 percent and 3.6 percent, respectively, she said.
Socioeconomic Planning Secretary Ernesto Pernia said the growth of the Philippine economy remains stable.
"This steady performance, the seventh consecutive year that the Philippine economy sustained its more than 6 percent growth, brings our full-year economic growth for 2018 to 6.2 percent," Pernia said in a news conference.
He said full year economic performance of the Philippines in 2018 is a "firm finish" that cements the Philippines standing as one of the fastest-growing economies in Asia.
Pernia stressed the need for the government to address policy uncertainties, and attract more foreign investments in infrastructure.
Pernia said the government is targeting a 7 percent to 8 percent growth this year.
He also stressed the need to restore business confidence in the country.
