Philippines GDP growth slows to 5.6 per cent in 2023

MANILA (Bernama): The Philippine economy grew by 5.6 per cent in 2023 after expanding by 5.6 per cent in the fourth quarter, below the 6 to 7 per cent target range for 2023 set by the government, the Philippine Statistics Authority (PSA) has announced.

PSA head Dennis Mapa told a press conference that wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, and construction buoyed the gross domestic product (GDP) growth in 2023, reported Xinhua.