MANILA – Moody’s Analytics has estimated that the Philippine economy likely moderated to 6 percent in the second quarter of 2023 from a 6.4 percent gross domestic product (GDP) growth in the first quarter.
“We expect Philippine GDP to grow 6 percent year-on-year, slowing from 6.4 percent pace in the first quarter. Easing inflation and tight labor market will power household consumption,” it said in its Asia Pacific Economic Preview for this week.
However, Moody’s Analytics did not cite the factors that made the economy grow slower from April to June this year.
The government is set to announce the second-quarter 2023 GDP result on Thursday.
National Economic and Development Authority Secretary Arsenio Balisacan earlier said he expects GDP growth to have eased in the second quarter of the year but is still hoping that the expansion remains within the government’s target.
Economic managers expect GDP to grow between 6 to 7 percent this year. (PNA)
