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

CLIFF VENZON, Nikkei staff writer

January 23, 2020 11:06 JST

Updated on January 23, 2020 14:04 JST

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.