Philippines posts 5.6% GDP growth in 2023, misses gov't targetMANILA, Philippines — The country’s gross domestic product (GDP) grew 5.6% in 2023, falling short of the government target of 6 to 7%, the Philippine Statistics Authority (PSA) reported on Wednesday. The most recent economic print indicated that the GDP growth for 2023 was beneath the 7.6% recorded in the year 2022. In a press conference, National Statistician Dennis Mapa said that for the fourth quarter of 2023, GDP growth was at 5.6%, slower than the 7.1% that was recorded in the same quarter the previous year. On a quarter-on-quarter basis, the country’s GDP growth weakened to 2.1% in the fourth quarter from the 3.3% posted in the third quarter. The Development Budget Coordination Committee on Dec. 15, 2023, revised its GDP growth target for 2024 to a range of 6.5% to 7.5%, down from the earlier estimate of 6.5% to 8% expansion.
