PH Q1 economic growth slightly lowered to 8.2%

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PH Q1 economic growth slightly lowered to 8.2%

THE Philippines’ first quarter economic growth rate was slightly lowered to 8.2 percent from the 8.3 percent gross domestic product (GDP) expansion announced earlier this year, the Philippine Statistics Authority said Monday.

In a statement, the PSA said the preliminary distributor in the downward revision of the GDP were the adjustments in the real estate ownership of dwellings, manufacturing as well as the wholesale and retail trade, repair motor vehicles and motorcycles.

Despite the slight downgrade, the 8.2 percent growth remains among the fastest in the region for the period.

The country’s first quarter growth has exceeded analysts’ expectations, as Covid-19 restrictions were eased allowing more economic activities, despite the earlier tightening due to the Omicron variant.

The Development Budget Coordination Committee earlier downgraded its growth estimates for the year to 6.5 to 7.5 percent range from the revised seven to eight percent.