Growth in the Philippine economy averaged 6.1 percent in 2014 following a rebound in the fourth quarter of the year, official figures released Thursday morning show.
The rate of expansion in gross domestic product (GDP) for the 12-month period released by the National Economic and Development Authority (NEDA) and the Philippine Statistics Authority (PSA) settled above the median forecast for the year by analysts, but far behind the actual figure in 2013.
Analysts had estimated the full-year rate of growth at between 5.7 percent and 6 percent.
The official 2014 GDP rate was down from the 7.2 percent expansion achieved in 2013.
For the fourth quarter of last year, GDP grew 6.1 percent, gaining pace from the preceding three consecutive quarters of deceleration but losing momentum from the year-earlier expansion.