Economic Resilience in the Philippines: A Growth Story Amidst Inflation and Global Uncertainty

Weaker consumer spending leads to lower than expected growth in the Philippine economy | The Mighty 790 KFGO

The Philippine economy showed slower growth than expected in the first quarter, according to government data released on Thursday. Gross domestic product increased by 5.7% from the same period last year, slightly below the 5.9% forecast in a Reuters poll. Although this was an improvement from the previous quarter’s 5.5% growth, weaker consumer spending offset the rebound in export growth. Despite these challenges, Economic Planning Secretary Arsenio Balisacan remains optimistic about the country’s economic growth. He highlighted the strong rebound in exports, particularly in the electronic products sector, as a driving force behind this positivity.

The Philippine economy continues to show resilience and growth despite challenges both domestically and internationally. Inflation remains a concern, with domestic demand growing by 4.6% in the first quarter, the slowest rate since 2021. The government had to revise its growth target range last month due to high inflation and the anticipated global economic slowdown. On a seasonally adjusted basis, economic growth slowed to 1.3% in the first quarter from 2.1% in the previous quarter, slightly above the 1.0% growth forecast in the Reuters poll. Export growth was a bright spot, rising by 9.5% from a year earlier, the fastest rate since the fourth quarter of 2022. Overall, while there are challenges ahead for

Leave a Reply