THE Philippine economy grew by 5.7 percent in the first quarter of 2024, the Philippine Statistics Authority said on Thursday.
The country’s gross domestic product expanded 5.7 percent from January to March
which was faster than the 5.5 percent growth in the fourth quarter of 2023.
Economic managers earlier lowered the growth target for 2024 to 6 to 7 percent from 6.5 to 7.5 percent citing external factors such as global demand and trade growth, oil price movements, expected exchange rate and inflation trends.
The Asian Development Bank also sees the Philippine economy growing 6 percent this year, down from an earlier estimate of 6.2 percent.
The World Bank meanwhile said Philippine GDP will grow by an average of 5.8 percent in 2024.
