-
The Philippine economy grew by 6.4% in the first quarter of 2023, lower than the 7.1% in the previous quarter and 8% in the same quarter last year
-
The latest growth rate is within the government’s target of 6-7%
-
The first-quarter GDP s the lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021
-
On a seasonally adjusted quarter-on-quarter basis, the economy registered a growth of 1.1% from 2% in the previous quarter
-
Main contributors to the first quarter growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 7%; financial and insurance activities, 8.8%; and other services, 36.5%
The Philippine economy grew by 6.4% in the first quarter of 2023, the lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021, the Philippine Statistics Authority (PSA) said in a statement.
The latest rate is also lower than the 7.1% in the previous quarter and 8% in the same quarter last year.
The GDP outturn beat private analysts’ median forecast of 6% and is well within the Development Budget Coordination Committee’s growth target of 6% to 7% for 2023.
Among major emerging economies in the region that have posted their first quarter GDP, the Philippines grew the fastest followed by Indonesia with 5%, China with 4.5%, Vietnam with 3.3%, and Singapore with 01.%.
On a seasonally adjusted quarter-on-quarter basis, though, the economy registered a growth of 1.1% from 2% in the previous quarter.
PSA said the main contributors to the first quarter 2023 growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 7%; financial and insurance activities, 8.8%; and other services, 36.5%.
Major economic sectors, namely agriculture, forestry, and fishing; industry; and services all posted positive growths in the first quarter of 2023 with 2.2%, 3.9%, and 8.4%, respectively.
Domestic demand in the first quarter expanded, led by household consumption (6.3%), investments (12.2%), and government spending (6.2%).
Exports and imports of goods and services, meanwhile, grew by 0.4% and 4.2%, respectively.
On the supply side, growth across sectors remained broad-based. This was led by services (8.4%), industry (3.9%), and agriculture (2.2%).
