May 18, 2017 11:35 am JST

Philippine GDP growth disappoints at 6.4%

Consumption-reliant economy slows in first quarter

MIKHAIL FLORES, Nikkei staff writer

Shoppers at a Robinsons mall in Las Pinas, Metro Manila © Reuters

MANILA -- The Philippine economy grew at a 6.4% clip in the first quarter of 2017, falling short of market expectations. 

Ernesto Pernia, the country's socioeconomic planning secretary, on Thursday said the result was "somewhat lower" than what was desired and expected. 

Gross domestic product had grown 6.6% in the previous quarter. The rate for the first quarter of 2016, an election year, had been 6.9%.

Consumer spending remained the main engine for the decelerating economy.

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