Philippine economy grows by 5.7% in Q1 2024

MANILA, Philippines — The country’s economy grew by 5.7% in the first three months of 2024, the Philippine Statistics Authority said.

Meanwhile, the gross national income experienced a yearly increase of 9.7%, while the net primary income from the rest of the world also grew by 57.0%.However, household final consumption expenditure grew by 4.6%, the slowest since the third quarter in 2010, according to Mapa. This has been the MB retained its policy rates since its off-cycle rate hike in October 2023 to mitigate supply-side inflation pressures.

On Tuesday, the PSA reported that the country’s inflation quickened to 3.8% due to food and transport costs. PhilstarPicks: 7 deals that will put a smile on Mom's face this Mother's Day!Tastesetters Victors Night celebrates innovations in the F&B industry, reveals food trends forecastStill perfecting your home-office space? Enhance it with these 6 tech solutionsThe country’s foreign exchange buffer inched down in April, the lowest level in two months, as the government paid some...

Because bringing power plants online from scratch takes at least five years, our current problems with low grid reserves resulting in yellow and red alerts can be blamed on a failure during the Duterte era. But the...

Source: Financial Digest (financialdigest.net)

Gdp Gross Domestic Product Inflation

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