Philippine economy swells by 5.7% despite El Niño
Philippine economy swells by 5.7% despite El Niño
Philippine economy swells by 5.7% despite El Niño
by Jim Fernandez10 May 2024
Pasay City. Photo credit to KMC Savills

The Philippine economy grew by 5.7 percent in the first quarter of this year, in the face of severe drought and unrelenting inflation.

According to the Philippine Statistics Authority (PSA), the country's Gross Domestic Product (GDP) increased from the fourth quarter of 2023 to 5.5 percent. This increase remains lower, however, than the 6.4 percent growth experienced during the same period in the past year.

The latest figure is also lower than the inter-agency Development Budget Coordination Committee's (DBCC) target of 6-7 percent.

The Ateneo Center for Economic Research and Development's Ser Percival Reyes said the reading was "quite disappointing," as it did not meet the 5.9 percent median projection either, he told AFP.


The Presidential Communications Office posted on Instagram that the Philippines is among those leading Asia in economic growth rates, with Vietnam also at 5.7 percent, China at 5.3 percent, Indonesia at 5.1 percent, and Malaysia at 3.9 percent.

Top contributors to the economy are financial and insurance activities, wholesale and retail trade, repairs of motor vehicles and motorcycles, and manufacturing.

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