ECONOMIC growth cooled to 6.4 percent in the first quarter but still beat consensus expectations of a faster slowdown amid stubborn inflation and continued interest rate hikes.
The result — down from 8.0 percent a year earlier and 7.1 percent in the last three months of 2022 — was higher than the 6.0-percent median in a Manila Times poll of economists.It marked the second straight quarter of slower growth and was also 'the lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021,' the Philippine Statistics Authority said in a statement.
7 percent to a high of 6.8 percent.The main contributors to first quarter growth, the PSA said, were wholesale and retail trade and repair of motor vehicles and motorcycles , financial and insurance activities , and other services .On the demand side, household final consumption expenditure grew by 6.3 percent. Also expanding were government final consumption expenditure, 6.2 percent; gross capital formation, 12.2 percent; exports of goods and services, 0.
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