Philippine economy grows 6.4% in Q1
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).
A man pushes a goods cart through a crowded market in Manila, Philippines on September 21, 2022. (Photo: AFP/VNA)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./.
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