Philippines’ GDP growth above-target at 6.4% in Q1 2023

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By Inquirer.Net

The Philippines’ gross domestic product (GDP) grew by 6.4 percent in the first quarter of 2023, the slowest pace in seven quarters since the 12 percent in the second quarter of 2021, according to the Philippine Statistics Authority.

The first-quarter readout is better than the private sector economists’ median forecast of 6.2 percent.

National Statistician Dennis Mapa said in a press briefing that the main contributors to the first-quarter growth were wholesale/retail trade and repair of motor vehicles and motorcycles which grew by 7 percent; financial and insurance activities (8.8 percent); and “other services” (36.5 percent).

In the first quarter, all three major economics sectors posted growth — industry (3.9 percent), services (8.4 percent); and agriculture, forestry and fishing (2.2 percent).

Mapa said the main contributors to the slowdown in the GDP growth in the first quarter were mining and quarrying , which contracted by 2.2 percent; public administration and defense, and human health and social work activities.

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