Metro Manila, August 20 ------ The Philippine economy felt the punch of high inflation and heftier interest rates, with authorities recording sluggish growth in the second quarter of 2023.
In a news briefing, National Statistician Dennis Mapa said the local economy grew at a slower pace of 4.3%, much weaker than the 6.4% a quarter prior and the 7.5% growth recorded in the same period last year. Excluding the contraction during the pandemic, Mapa said the last time the Philippine economy posted a quarterly growth rate of "below or at 4% level" was in 2011.
The latest figure is also below the 6.34% average forecast in a CNN Philippines poll of 11 economists, with some of them attributing the possible slowdown to waning “revenge” spending.
Source: cnnphilippines.com
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