The Philippine economy grew at a faster pace in the first quarter of 2024 compared to the previous quarter, but the rate fell below expectations. The Philippine Statistics Authority reports the country’s gross domestic product grew by 5.7% from January to March this year.
Full story: https://www.rappler.com/business/gross-domestic-product-philippines-q1-2024/
Full story: https://www.rappler.com/business/gross-domestic-product-philippines-q1-2024/
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00:00The Philippine economy grew at a faster pace in the first quarter of 2024 compared to the
00:06previous quarter, but the rate fell below expectations.
00:10The Philippine Statistics Authority on Thursday, May 9, reports the country's gross domestic
00:15product grew by 5.7 percent from January to March this year.
00:20This is higher than the revised 5.5 percent GDP growth reported for the fourth quarter
00:25last year, but lower than the 6.4 percent growth in the first quarter of 2023.
00:31It's also below the 5.9 percent growth projected by economists and analysts polled by Businessworld.
00:38Economic Secretary Arsenio Balisacan says, quote, construction slowed down, no doubt
00:43affected by prolonged periods of extreme heat.
00:46Household spending also slowed due to elevated prices of major food items and the heat wave.
00:52And spending also slowed down, which Balisacan attributed to a large amount of expenditure
00:57being moved to April.