Philippine economic growth cooled to its slowest in two years in the first quarter as red-hot inflation and high interest rates dampened consumption, but a slew of positive data, including a drop in jobless rates, pointed to a rosy outlook for 2023.
Gross domestic product expanded 6.4% in the first quarter from a year earlier, the statistics agency said on Thursday, marking its slowest expansion since the first quarter of 2021 when economic output contracted 3.8%.
"Despite various risks and challenges, the economic outlook for the Philippines in the near and medium term remains solid," Balisacan said. However, working in the country's favour, Balisacan said inflation appeared to have peaked, which would relieve pressure on the central bank to keep raising interest rates.
The central bank has signalled it may pause its aggressive tightening cycle when it meets this month after inflationfor a third straight month in April to 6.6%, putting it on track to settle within the government's 2% to 4% target for the year.
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