The Philippine Statistics Authority reported that the economy, as measured by the country's gross domestic product , expanded at a moderate pace of 4.3 percent from April to June, the nation’s slowest post-pandemic growth.
National Economic and Development Authority Secretary Arsenio M. Balisacan said the economy’s growth was held back by increased prices of goods, the effects of previous interest rate hikes, reduced government spending, and a slowdown in the global economy. Data compiled by Bloomberg indicated that the April to June GDP, excluding the pandemic years of 2020 and 2021, was the slowest recorded since 2011.
“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team. On the demand side, household consumption recorded a growth of 5.5 percent, while exports experienced a 4.1 percent increase and imports grew by 0.4 percent. "The inflation, together with the interest rate hikes are major factors that impact the slowdown of the economy so if we finally are able to lift the inflation problem, we can also partly address the problem with the high interest rates," he said.