Growth in the Philippine economy slackened to 5.2 percent year-on-year in the first quarter of 2015 from the revised 6.6 percent increase achieved in the preceding quarter, official figures released Thursday morning show.
The rate of expansion in gross domestic product (GDP) in January to March this year was also slower compared with the 5.6 percent rise recorded in the comparable year-earlier period.
Data released by the National Economic and Development Authority (NEDA) and the Philippine Statistics Authority (PSA) also showed the first-quarter performance of the economy fell below the median forecast by private analysts for the three-month period.
Economists from private banks had expected GDP growth in the period would run at least 6 percent, while the International Monetary Fund had predicted it would step up to 7.3 percent.
The NEDA said government underspending dragged the whole economy during the quarter. MAYVELIN U. CARABALLO