• The Philippine economy may have slowed in the fourth quarter of 2023, which likely resulted in gross domestic product (GDP) growth falling below the government’s full-year target, according to analysts.
  • GDP likely expanded by 5.7% in the October-to-December period in 2023, based on a median forecast of 20 economists polled by BusinessWorld, slower than the 5.9% growth in the third quarter and the 7.1% expansion in the same period in 2022.
  • The poll also yielded a median estimate growth of 5.5% for the full year of 2023, missing the Development Budget Coordination Committee’s 6-7% GDP growth target.
  • If realized, the full-year growth estimate for 2023 would be slower than the 7.6% expansion in 2022 and the slowest since the 9.5% contraction in 2020.