The Philippine economy displayed resilience in the first quarter of the year, albeit at a slower pace as various sectors including services, industry and agriculture contributed to the expansion.
According to data from the Philippine Statistics Authority, the country’s gross domestic product (GDP) grew by 6.4% compared to the same period last year, following a 7.1% growth in the last quarter of 2022.
While the GDP growth for the first three months of 2023 was lower than the 8.3% expansion seen in the previous year, the gross national income (GNI) recorded a robust increase of 9.9%, reflecting the overall positive performance of the economy.
The growth in GDP occurred against a backdrop of persistent inflationary pressures, which remained elevated and above the government’s target range of 2% to 4%.
However, there have been signs of easing inflation in the last three months, with the consumer price index hitting 6.6% in April.