MANILA, Philippines – The Philippine economy grew at a slower pace year-on-year in the first quarter of 2025 amid lower inflation, missing forecasts.
Data from the Philippine Statistics Authority on Thursday, May 8, showed that the country’s gross domestic product (GDP) grew 5.4%, lower than the 5.9% growth recorded in the same period in 2024.
Analysts were expecting GDP growth of 5.8%.
Finance Secretary Ralph Recto earlier told reporters that the economy may have grown at least 6% in the first quarter.
That was the same figure that Department of Economy, Planning, and Development Secretary Arsenio Balisacan estimated, citing a possible boost in consumer spending due to cooler inflation and the Bangko Sentral ng Pilipinas’ rate cuts.
The administration of President Ferdinand Marcos Jr. failed to meet its growth targets for the past two years. The Philippines’ GDP grew just 5.6% in 2023 and 2024.
The government is aiming for 6% to 8% growth in 2025. – Rappler.com