Philippines' 2023 GDP growth lowered to 5.5 percent from 5.6 percent | ABS-CBN
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Philippines' 2023 GDP growth lowered to 5.5 percent from 5.6 percent
Philippines' 2023 GDP growth lowered to 5.5 percent from 5.6 percent
Arthur Fuentes,
ABS-CBN News
Published Apr 05, 2024 01:47 PM PHT
MANILA - The Philippines revised its 2023 gross domestic product growth rate to 5.5 percent from 5.6 percent.
MANILA - The Philippines revised its 2023 gross domestic product growth rate to 5.5 percent from 5.6 percent.
The Philippine Statistics Authority said this was after it also lowered its growth estimate for the fourth quarter from 5.6 percent to 5.5 percent.
The Philippine Statistics Authority said this was after it also lowered its growth estimate for the fourth quarter from 5.6 percent to 5.5 percent.
“Meanwhile, the full-year 2022 GDP growth rate was maintained at 7.6 percent,” the PSA said.
“Meanwhile, the full-year 2022 GDP growth rate was maintained at 7.6 percent,” the PSA said.
The PSA said it revises the GDP estimates based on an approved revision policy that is consistent with international standard practices on national accounts revisions.
The PSA said it revises the GDP estimates based on an approved revision policy that is consistent with international standard practices on national accounts revisions.
Economic managers were targeting a growth rate of 6 to 7 percent in 2023, but expansion was weighed down by high inflation, high interest rates, and slower government spending in the first half.
Economic managers were targeting a growth rate of 6 to 7 percent in 2023, but expansion was weighed down by high inflation, high interest rates, and slower government spending in the first half.
The Development Budget Coordination Committee, which is composed of cabinet-level economic managers, also revised its target growth range for 2024, and also narrowed this for 2025.
The Development Budget Coordination Committee, which is composed of cabinet-level economic managers, also revised its target growth range for 2024, and also narrowed this for 2025.
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