Gross domestic product grew 5.7% in the first quarter from a year ago, lower than expected as consumer spending was weak
The Philippines is now beginning to tame inflation, central bank Governor Eli Remolona told an economic briefing on Monday.
Finance Secretary Ralph Recto told the briefing the government will continue bolstering growth by arresting inflation, which remains manageable and will hit the central bank’s target.
As inflation eases, domestic consumption will accelerate, Recto added.
Gross domestic product grew 5.7% in the first quarter from a year ago, lower than expected as consumer spending was weak.
The Philippines’ inflation rose 3.8% in April from a year earlier, bringing year-to-date inflation to 3.4%, within the central bank’s 2% to 4% target for 2024.
Source: Zawya
