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Philippine GDP up 6.4pc in Q1 after a 6.6pc jump the previous quarter
THE Philippine first quarter GDP increased 6.4 per cent year on year, disappointing economists surveyed by Reuters who expected 6.8 per cent growth.
The Philippines' economic growth - rated among the fastest in the world - slowed from the previous quarter's 6.6 per cent increase and falling just below the government's target range.
The annualised growth reading fell short of the Philippines' target growth range of 6.5-7.5 per cent.
In April the World Bank forecast annual economic growth of 6.9 per cent for the Philippines in 2017 and said it expected that rate to hold steady in 2018.
The Philippine economy expanded less than economists forecast last quarter as government and consumer spending weakened.
The slowdown in government spending signals that President Rodrigo Duterte is struggling to kickstart his ambitious $180 billion infrastructure plan, which the World Bank has said would be the main driver of economic growth this year and next.
The Philippines' economic growth - rated among the fastest in the world - slowed from the previous quarter's 6.6 per cent increase and falling just below the government's target range.
The annualised growth reading fell short of the Philippines' target growth range of 6.5-7.5 per cent.
In April the World Bank forecast annual economic growth of 6.9 per cent for the Philippines in 2017 and said it expected that rate to hold steady in 2018.
The Philippine economy expanded less than economists forecast last quarter as government and consumer spending weakened.
The slowdown in government spending signals that President Rodrigo Duterte is struggling to kickstart his ambitious $180 billion infrastructure plan, which the World Bank has said would be the main driver of economic growth this year and next.
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