People are seen inside a shopping mall in Quezon City, the Philippines, Jan. 12, 2024. (Xinhua/Rouelle Uma)
MANILA, Feb. 1 (Xinhua) -- The Philippine economy grew by 5.6 percent in 2023 after expanding by 5.6 percent in the fourth quarter, below the 6 to 7 percent target range for 2023 set by the government, the Philippine Statistics Authority (PSA) said Wednesday.
PSA head Dennis Mapa told a press conference that wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, and construction buoyed the gross domestic product (GDP) growth in 2023.
The government forecasts the country's GDP to expand by 6.5 to 7.5 percent in 2024. ■
