MANILA, Philippines – The Philippine economy grew at a faster pace in the first quarter of 2024 compared to the previous three-month period despite elevated inflation and interest rates, but was below expectations.
The Philippine Statistics Authority on Thursday, May 9, reported that the gross domestic product (GDP) grew by 5.7% in January-March 2024, higher than the revised 5.5% figure reported for the fourth quarter of 2023.
The latest figure, however, is lower than the 6.4% expansion posted in the first quarter of 2023.
It also fell short of expectations, as economists and analysts polled by BusinessWorld earlier estimated GDP growth would hit 5.9%.
Government economic managers aim for full-year growth to settle between 6% and 7%. – Rappler.com