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.

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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.

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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.

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