MACTAN ISLAND-- The International Monetary Fund (IMF) will likely maintain its 6.8 percent growth forecast for the Philippines after the government revised upward the country's 2016 expansion.
The Philippine Statistics Authority (PSA) on Thursday said gross domestic product (GDP) rose by 6.9 percent last year, up from the initial 6.8 percent figure, on higher contribution from construction, mining and quarrying, and other services.
Growth in the fourth quarter was maintained at 6.6 percent, the PSA said.
IMF is scheduled to release its World Economic Outlook (WEO) on April 10, 2017.
IMF representative to the Philippines Shanaka Peiris told reporters Friday that the lender's growth forecast for the country this year will going to be on the same range.
I don't think the range will going to be different, he said at the sidelines of the ASEAN finance ministers and central bank governors' joint meeting and related meetings, which is being held at Shangri La Mactan from April 3-7, 2017.
Last January, IMF revised upwards its growth forecast for the country from 6.4 percent on back of sustained strong growth in 2016 and the government's bid to further increase infrastructure investments, among others.
Source: Philippines News Agency