Push Admin

Makati City skyline on February 20, 2024. Mark Demayo, ABS-CBN News

Article (news)

Makati Skyline

Arthur Fuentes

ABS-CBN News

<div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><br/></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">MANILA - The Philippines revised its 2023 gross domestic product growth rate to 5.5 percent from 5.6 percent. </span></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">The Philippine Statistics Authority said this was after it also lowered its growth estimate for the fourth quarter from 5.6 percent to 5.5 percent. </span></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">“Meanwhile, the full-year 2022 GDP growth rate was maintained at 7.6 percent,” the PSA said. </span></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">The PSA said it revises the GDP estimates based on an approved revision policy that is consistent with international standard practices on national accounts revisions.</span></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">Economic managers were targeting a growth rate of 6 to 7 percent in 2023, but expansion was weighed down by high inflation, high interest rates, and slower government spending in the first half. </span></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">The Development Budget Coordination Committee, which is composed of cabinet-level economic managers, also </span><a href="https://news.abs-cbn.com/business/2024/4/4/philippine-gov-t-lowers-economic-growth-target-1928" target="_blank" rel="noopener noreferrer"></a><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap"><a href="https://news.abs-cbn.com/business/2024/4/4/philippine-gov-t-lowers-economic-growth-target-1928" rel="noopener noreferrer" target="_blank">revised</a></span><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap"> its target growth range for 2024, and also narrowed this for 2025. </span></div><div><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap">The World Bank meanwhile expects the Philippines to grow </span><a href="https://news.abs-cbn.com/business/12/05/23/world-bank-sees-ph-economy-growing-58-percent-in-2024" target="_blank" rel="noopener noreferrer"></a><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap"><a href="https://news.abs-cbn.com/business/12/05/23/world-bank-sees-ph-economy-growing-58-percent-in-2024" rel="noopener noreferrer" target="_blank">5.8 percent</a></span><span style="color:#000000;background-color:transparent;text-decoration:none;vertical-align:baseline;white-space:pre-wrap"> in 2024. </span></div><div dir="ltr" style="line-height:1.38;margin-top:0pt;margin-bottom:0pt"><br/></div><div><a href="https://news.abs-cbn.com/business/2024/1/30/philippine-economy-may-grow-6-pct-in-2024-economists-1832" id="isPasted" rel="noopener noreferrer" target="_blank">Philippine economy may grow 6 percent in 2024: economists</a></div><div><a href="https://news.abs-cbn.com/business/12/28/23/2024-likely-to-be-better-than-2023-economist" id="isPasted" rel="noopener noreferrer" target="_blank">2024 ‘likely to be better’ than 2023: Economist</a></div>

<p>The Philippines revised its 2023 gross domestic product growth rate to 5.5 percent from 5.6 percent. </p>

The Philippines revised its 2023 gross domestic product growth rate to 5.5 percent from 5.6 percent.

Philippines' 2023 GDP growth lowered to 5.5 percent from 5.6 percent

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

Philippines' 2023 GDP growth lowered to 5.5 percent from 5.6 percent

Arthur Fuentes,

ABS-CBN News

Published Apr 05, 2024 01:47 PM PHT

Read More:

GDP

2023 GDP growth

PSA

Philippines Statistics Authority

economic expansion

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.