Hanoi (VNA) – The Philippine economy expanded by 6.4% year-on-year in the first quarter of 2023, higher than the expected 6.2%, according to the Philippine Statistics Authority (PSA).
PSA head Dennis Mapa said the rate is the lowest since Philippines began to recover from the pandemic in the second quarter of 2021. The major economic sectors of agriculture-forestry-fishing, industry, and services recorded positive expansions of 2.2%, 3.9%, and 8.4%, respectively.
National Economic and Development Authority Secretary Arsenio Balisacan said the Q1 growth figure was lower than the 8% and 7.1% respectively posted in the first and fourth quarters of 2022.
The official said caution should be exercised in interpreting this as a slowdown since the previous year's growth came from a low base.
The better-than-expected first-quarter performance this year implies that the country is returning to its high-growth trajectory despite various challenges and headwinds, he added.
The Southeast Asian country has set its GDP growth target for 2023 at 6 to 7%.
The nation grew by 7.6% in 2022 and 5.7% in 2021 after its economy contracted 9.6% in 2020 due to the COVID-19 pandemic./.
WB upgrades Philippines’ 2022 growth forecast to 7.2%
Driven by pent-up demand from consumers, the Philippine economy is forecast to grow 7.2% in 2022 before tapering off to an average of 5.7% in 2023, according to a report released by the World Bank on December 6.
