PH GDP expands 6.8% in Q1

The Philippine economy expanded 6.8 percent in the first quarter of 2018, slightly lower than the full-year growth target but remained among the fastest in Asia, the National Economic and Development Authority (NEDA) reported on Thursday.

The January-to-March quarter gross domestic product (GDP) was faster than the growth recorded in the first and fourth quarter of 2017, which stood at 6.5 percent.

“This is the 10th consecutive quarter the economy is able to achieve output expansion of 6.5 percent or better,” said Socioeconomic Planning Secretary and NEDA Director General Ernesto Pernia.

Among the major economic sectors, industry recorded the fastest growth at 7.9 percent in the first quarter, followed by services at 7 percent.

Agriculture grew at a slower pace of 1.5 percent. (PNA)