People talk at a market in Quezon City, the Philippines, May 12, 2023. (Xinhua/Rouelle Umali)
MANILA, April 5 (Xinhua) -- The Philippine Statistics Authority on Thursday revised down the country's 2023 gross domestic product (GDP) growth rate to 5.5 percent from 5.6 percent.
The revision was made after the statistics agency modified GDP growth rate in the fourth quarter last year to 5.5 percent from 5.6 percent.
In addition, the Philippines lowered its GDP target range to 6-7 percent from 6.5-7.5 percent for 2024, due to continuing slowdown in the global economy, uptick in oil prices, and trends in inflation and interest rates worldwide.
The Asian Development Bank has forecast the country's GDP to grow 6.2 percent this year. ■
