Philippine economy grows 6.4 per cent in first quarter, beating expectations

Photo Courtesy Channel News Asia

The economy of the Philippines experienced a 6.4% expansion in the first quarter compared to the previous year, according to the country’s statistics agency. This development surpasses expectations, with analysts previously predicting a 6.1% annual growth in the gross domestic product (GDP). On a quarterly basis, growth slowed to 1.1% compared to the earlier reported 2.4% expansion in the previous quarter.

The stronger-than-anticipated economic growth in the Southeast Asian country aligns with the government’s target of 6.0% to 7.0% for 2023. The country’s Economic Planning Secretary commented during a press conference that the Philippines is now returning to its high-growth trajectory despite global headwinds. However, potential interest rate hikes by the central bank might dampen future growth.

Advertisements

The government expressed its readiness to withstand shocks and risks to the growth outlook, acknowledging that high inflation remains a challenge but seems to have reached its peak. The robust first-quarter economic performance indicates a positive outlook for the country’s economy in the foreseeable future.

Related news
Business NewsWorld News

Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

Related Articles

Check Also
Close