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Philippines economy expands 8.3% in Q1

The Philippine economy grew by 8.3% year on year in Q1, beating market estimates, buoyed by base effects and the reopening of the economy, the Philippine Statistics Authority reported. Preliminary gross domestic product (GDP) data in Q1 was a turnaround from 3.8% decline in the same period last year and faster than the revised 7.8% in Q4 2021. It also beat the median estimate of 6.7% in a recent poll. It was also within the government’s 7-9% target. The GDP growth in the quarter ended March was the highest in three quarters or since the 12.1% in Q2 last year. On a seasonally adjusted quarter-on-quarter basis, the country’s GDP went up by 1.9%.

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