The Philippines’ Gross Domestic Product (GDP) hit 6.9 percent during the fourth quarter of 2014 compared to 6.3 percent in the same period of 2013, according to official statistics announced on January 29.

The fourth quarter’s growth appears to be broad-base as all three major productive sectors have shown positive and robust growth, according to Arsenio Balisacan, head of the National Economic and Development Authority.

It fueled growth of 6.1 percent for the whole year, which was below the government’s goal of 6.5-7.5 percent but higher than the previous forecast of the World Bank (WB) and International Monetary Fund (IMF).

On a full-year basis, the Philippines posted the second fastest growth in Asia, after China with 7.4 percent.

With this upbeat yearend performance, the economy is anticipated to gain further traction in 2015, he added.

Analysts forecast that the country’s economy will grow sharply in 2015 due to benefits gained from the falling oil prices while the central bank will hold low interest rate until the fourth quarter of 2015.

The Philippine government has set a 7-8 percent growth goal for 2015.-VNA