Philippines Keeps Growth Momentum Although Risks Are Showing
- Consumption grew at the slowest pace since post-pandemic
- 2Q growth seen faster as long as inflation is tame: Balisacan
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The Philippine economy sustained its momentum in the first quarter, keeping it among the region’s fastest-growing although strains are showing from high borrowing costs and persistent inflation.
Gross domestic product in the three months through March grew 5.7% from a year earlier, the Philippine Statistics Authority said on Thursday. That’s more than the 5.5% the prior quarter but below the 5.9% expansion seen in a Bloomberg survey. Quarter-on-quarter, the economy notched a better than expected 1.3% growth.