MANILA: The Philippine economy expanded 6.4 per cent in the first quarter from a year earlier, the statistics agency said on Thursday (May 11), topping expectations.
On a quarter-on-quarter basis, growth slowed to 1.1 per cent from the earlier reported 2.4 per cent expansion in the previous three-month period.
Analysts polled by Reuters had expected first-quarter gross domestic product (GDP) to grow 6.1 per cent on an annual basis.
The Southeast Asian economy’s stronger-than-expected first-quarter performance was within the government’s 6.0 per cent to 7.0 per cent target for 2023.
Economic Planning Secretary Arsenio Balisacan in a press conference said the Philippines was returning to its high-growth trajectory, despite global headwinds, although interest rate hikes by the central bank could dampen future growth.
He said the government was ready to withstand shocks and risks to the growth outlook, adding that high inflation remained a challenge but appeared to have peaked.