Philippines hits 6.4% GDP growth in Q1 2023 despite inflation pressures


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(1st UPDATE) The higher-than-expected growth comes in an environment of high inflation and continued interest rate hikes MANILA, Philippines – The Philippines’ gross domestic product (GDP) grew at a slower pace of 6.4% in the first quarter of 2023, but beat analysts’ estimates and fell within the government’s target range. The latest figure reported by the Philippine Statistics Authority on Thursday, May 11, marks the eighth consecutive quarter of growth. Services contributed the most to the GDP figure with 5%, followed by industries with 1.2%, and agriculture, forestry, and fishing with 0.2%. It is a drop from the 8% growth...