The Philippine Statistics Authority (PSA) on Thursday announced that the country’s economy expanded at a lower pace during the first quarter of 2023, marking its slowest growth since the country emerged from the pandemic-triggered recession in mid-2021.

According to the PSA, the gross domestic product (GDP), which measures the total value of goods and services produced within a specific timeframe, increased by 6.4% from January to March 2023.

Photo courtesy: PSA

This is lower than the 8% growth recorded in the first quarter of 2022 and the revised 7.1% growth in the fourth quarter of 2022.

“Ito ang pinakamababang paglago matapos ang pitong quarter nang magsimula ang pagbangon ng bansa mula sa pandemiya noong ikalawang quarter ng 2021,” National Statistician Dennis Mapa said during a briefing.

The slower growth in the economy can be attributed to the ongoing impact of the pandemic, including intermittent lockdowns and restrictions, supply chain disruptions, and labor market challenges.

Despite the slow economic growth, the government remains optimistic, citing the country's vaccination program, the reopening of more sectors, and the continued implementation of infrastructure projects as potential drivers of economic recovery.