Philip­pine GDP slowed to 6.4 %

Cebu Daily News - - EN­TER­PRISE -

Amid re­cov­ery in the agri­cul­ture sec­tor, ro­bust trade and man­u­fac­tur­ing growth as well as sus­tained strong do­mes­tic de­mand, the Philip­pine econ­omy ex­panded 6.4 per­cent year-on-year in the first quar­ter, the gov­ern­ment re­ported Thurs­day.

The fig­ure, how­ever, was below pre­vi­ous fore­casts of eco­nomic man­agers plac­ing it 6.9-7 per­cent.

The first-quar­ter gross do­mes­tic prod­uct (GDP) growth was slower than the 6.6-per­cent ex­pan­sion dur­ing the fourth quar­ter of last year.

It was also slower than the 6.9 per­cent posted in the first quar­ter of 2016, dur­ing which eco­nomic growth was boosted by elec­tion-re­lated spend­ing.

For 2017, the gov­ern­ment tar­gets 6.5-7.5 per­cent GDP growth, fol­low­ing last year’s 6.9-per­cent ex­pan­sion.

Mean­while, the lo­cal stock barom­e­ter slipped on Thurs­day on ris­ing US po­lit­i­cal jit­ters and slower-thanex­pected first quar­ter do­mes­tic eco­nomic growth rate along­side the liq­uid­ity-si­phon­ing ef­fect of two lo­cal ini­tial pub­lic of­fer­ings in the mar­ket.

The main-share Philip­pine Stock Ex­change in­dex shed 68.84 points or 0.88 per­cent to close at 7,757.69, track­ing the sell-off across US and re­gional mar­kets./

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