The Philippines logged a 6.4% gross domestic product (GDP) growth in the first quarter of 2023, the slowest since the second quarter of 2021, the Philippine Statistics Authority (PSA) revealed Thursday, May 11.
This is slower than the 7.1% expansion in the fourth quarter of 2022 and 8% growth registered in the same period last year.
In a briefing on Thursday, National Economic Development Authority (NEDA) Secretary Arsenio Balisacan explained that the economy is “normalizing” and “returning to the high growth trajectory” despite the pandemic.
“While this is lower than the 8% year on year growth rate recorded in the first quarter of 2022, we need to exercise cushion in interpreting this as a slowdown since the previous year’s growth came from a low base,” Balisacan said.
“Rather the economy is normalizing its previous strength. The better than expected first quarter performance this year implies that we are returning to our high growth trajectory despite the various challenges we have faced,” he noted.
Meanwhile, NEDA stressed that the Philippines logged the highest GDP growth in Asia, followed by Indonesia at 5%, China at 4.5%, and Vietnam at 3.3%.
The agricultural, forestry, and fishing sectors logged a positive growth of 2.2%; industry with 3.9%; and services with 8.4%. CF/with reports from Naomi Tiburcio-ag