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Economy

Philippine GDP grows at slowest annual pace in 8 years

Strong final quarter expansion of 6.4% fails to push growth to 2019 target

Consumer spending during the holiday season spurred growth in the fourth quarter but full-year results were disappointing, despite more government spending and lower interest rates.   © Reuters

MANILA -- The Philippine economy grew at its slowest pace in eight years in 2019 as the country grappled with delayed passage of the budget and fallout from the U.S.-China trade war.

Gross domestic product in the October-December quarter rose to 6.4%, but failed to push growth to the government's downgraded annual target of 6%, according to a report by the Philippine Statistics Authority released on Thursday.

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