JUST IN: The Philippine economy expanded 6.4 percent in the first quarter of 2023, within the government’s target range but slower than 7.1 percent in the fourth quarter and 8.0 percent a year ago, data from the Philippine Statistics--- READ MORE:
The Philippine economy expanded 6.4 percent in the first quarter of 2023, within the government’s target range but slower than 7.1 percent in the fourth quarter and 8.0 percent a year ago, data from the Philippine Statistics Authority show.
National Economic and Development Authority Secretary Arsenio Balisacan said, however, the Philippines grew the fastest in the region in the first quarter this year, and it should not be considered a slowdown coming from a low base. Agriculture, forestry and fishing; industry; and services posted positive growths in the first quarter with 2.2 percent, 3.9 percent and 8.4 percent, respectively.
The inter-agency Development Budget Coordination Committee maintained its previous growth forecast for the economy at 6 percent to 7 percent this year despite the headwinds associated with geopolitical tensions, higher interest rates and elevated inflation.
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