Economists are looking at slower GDP growth in first quarter as COVID cases record highs in January due to more contagious Omicron varian and lockdown protocols in the NCR and nearby provinces.
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Security Bank chief economist Robert Dan Roces said the country GDP expanded by seven percent in the first quarter, slower than the revised 7.8 percent.
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After placing NCR and several areas under Alert Level 3, the lockdown was gradually eased until it was downgraded to Alert Level 1 in March.
The Philippines exited the pandemic-induced recession, which stretched five quarters, with GDP growth of 5.7 percent in 2021.
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Michael Ricafort said the GDP grew by seven percent from January to March due to lower denominator effects as it shrank by 3.8 percent in the same quarter last year.
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The Yuchengco-led bank sees the economy growing to six to 6.5 percent this year from last year’s 5.7 percent, but with some potential upside surprises toward seven percent growth range.
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ANZ Reseacrh economist Krystal Tan said economy expanded by 5.8 percent in the first quarter, mainly driven by consumption growth.
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UnionBank chief economist Ruben Carlo Asuncion said the country’s GDP grown by 5.5 percent from January to March as the declining number of infections in previous months.
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The Aboitiz-led bank has penned a slightly faster GDP growth of 5.8 percent for this year.