Philippine GDP growth disappoints at 6.4%
Consumption-reliant economy slows in first quarter
MIKHAIL FLORES, Nikkei staff writer
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.