GDP growth slows to 6.4% in 1st quarter

By Julito G. Rada

THE economy grew by 6.4 percent in the first quarter of 2023, slower than 8 percent a year ago and 7.1 percent a quarter ago amid the persistent high inflation that affected consumption, the Philippine Statistics Authority (PSA) said Thursday. National statistician and civil registrar general Dennis Mapa said in a press briefing the 6.4 percent GDP growth in the first quarter was the lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021.

On the other hand, Economic Planning Secretary Arsenio Balisacan said the Philippines grew the fastest in the region during the period and it should