Philippines posts Q4 GDP well above expectations despite EM headwinds

Veejay Villafranca | Bloomberg | Getty Images

The Philippine economy grew 6.3 percent in the fourth quarter from a year earlier, much faster than market expectations, driven by the services and industry sectors, the statistics agency said on Thursday.

That brought full-year growth to 5.8 percent, national statistician Lisa Grace Bersales told a news conference, which could mark one of the strongest expansions in the world in a turbulent 2015.

Economists polled by Reuters had forecast annual growth of 5.9 percent in the fourth quarter, easing slightly from a revised 6.1 percent in the third quarter.

Southeast Asia's fifth-largest economy has been largely resilient in the face of a growing global chill as strong private consumption and higher government spending have cushioned the impact of weak exports which have weighed heavily on its more trade-reliant Asian neighbours.

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