Philippine economy grows 5.7% in Q1 2024, driven by financial, trade, repair, and manufacturing sectors; 6-7% GDP target for 2024.

The Philippine economy experienced a 5.7% growth in Q1 2024 according to the Philippine Statistics Authority, higher than the previous quarter but lower than the same period in 2023. Key drivers included financial and insurance activities, wholesale and retail trade, vehicle repair, and manufacturing. All major economic sectors posted positive growth, with the government's economic team projecting a 6-7% GDP target for 2024 and 6.5-7.5% for 2025.

May 09, 2024
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