The 6.4% expansion in the first three months was well down from the revised 7.1% enjoyed in the last quarter of 2022. — Reuters
Manila: The Philippines’ economy grew more than expected in the first three months of the year although the pace was the slowest in two years as soaring inflation and interest rate hikes crimped consumer spending.
The 6.4% expansion in the first three months was well down from the revised 7.1% enjoyed in the last quarter of 2022, which, according to several analysts, could give the country’s central bank some room to step back from its monetary tightening drive.Expectations were for 6.2% growth.
