Q1 economic growth slows to 5.4%
(June 21 2024)………An aerial view of Metro Manila on Thursday, June 21, 2024. According to The Economist Group's advisory arm. The Philippines is expected to grow at a slower rate this year than a year ago, with elevated interest rates likely to dampen demand, according to the Management Association of the Philippines. The growth forecast for the Philippines is 5.4 percent this year.………Photo/Analy Labor
The country’s economic growth slowed to 5.4 percent in the first quarter of 2025 from 5.9 percent in the same period last year, the Philippine Statistics Authority (PSA) reported Thursday.
Despite the year-on-year dip, the figure slightly improved from the 5.3 percent recorded in the fourth quarter of 2024.
As of Thursday, the Philippines posted the second-fastest growth rate in Asia, trailing Vietnam’s 6.9 percent and surpassing Malaysia’s 4.4 percent.
“This underscores our resilience amid global economic volatility,” said Secretary Arsenio Balisacan of the Department of Economic Planning and Development.
According to the PSA, the industry sector contributed the largest percentage point to the overall growth, followed by the services and agriculture sectors.