The Philippine Statistics Authority (PSA) announced a revision to the country’s gross domestic product (GDP) growth rate for 2023, lowering it from 5.6 percent to 5.5 percent. This adjustment followed a reduction in the fourth-quarter growth estimate from 5.6 percent to 5.5 percent. Despite this, the full-year 2022 GDP growth rate remained at 7.6 percent, as stated by the PSA, which attributed the revisions to its approved revision policy aligned with international standards.
Economic managers initially aimed for a growth rate between 6 to 7 percent in 2023. However, various factors such as high inflation, elevated interest rates, and subdued government spending in the first half of the year contributed to a slower expansion.
Moreover, the Development Budget Coordination Committee, comprising cabinet-level economic managers, also adjusted its target growth range for 2024 and narrowed the forecast for 2025. These adjustments come amidst dynamic economic conditions and evolving global trends.
Looking forward, the World Bank forecasts the Philippines to achieve a growth rate of 5.8 percent in 2024, highlighting both the resilience and challenges facing the country’s economy as it navigates through uncertainties on both domestic and international fronts.