The Philippine economy grew by 5.7% in the first quarter of 2024 according to government data released by the Philippine Statistics Authority.
This is higher as compared to the 5.5% of the previous quarter amid high inflation and elevated borrowing costs.
The first quarter gross domestic product (GDP) also fell short of the government projection of 6.4%.
The Marcos administration has set the GDP growth target to 6 to 7 percent this year.
“From the start of the year, we’ve been experiencing shocks,” Secretary Arsenio Balisacan of the National Economic and Development Authority said in an Inquirer report.
Financial and insurance activities(10%), wholesale and retail trade, repair of motor vehicles and motorcycles (6.4%), and manufacturing (4.5%) were among the main contributors to the economic growth.
Agriculture, forestry, fishing, industry, and manufacturing also contributed to the growth of the economy.
