Posted at Jan 26 2017 10:18 AM
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The Philippines under President Rodrigo Duterte maintained its status as one of Asia's fastest growing economies, even as the lack of election spending slowed the expansion in the last three months of 2016.
Gross domestic product grew 6.6 percent in the fourth quarter, from a revised 7 percent in the previous three months. This brought average GDP growth for the full year at 6.8 percent, government data showed.
The median of a Reuters poll predicted economic expansion during the period at 6.5 percent. Robust government spending and consumer demand will likely propel growth "above 6.5 percent" this year, Standard Chartered head of research for ASEAN Edward Lee said.
"The domestic engine continues to run well," Lee told ANC's "Market Edge with Cathy Yang." "If we see some of these risks materializing, it might pull growth back a bit. But on an overall basis, there are other engines of growth that the Philippines can rely on," he said.
China's GDP grew 6.8 percent in the fourth quarter. Growth for the same period is expected to slow to 6 percent in India and 5.1 percent in Indonesia, according to Bloomberg data.