Publication: Philippines Monthly Economic Developments, January 2024
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2024-02-13
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2024-02-13
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The economy expanded by 5.6 percent year-on-year in Q4 2023 as robust private consumption continued to fuel growth, while the recovery of tourism buoyed the expansion of services. The cumulative fiscal deficit declined in November 2023, while low external demand dampened goods exports, which weighed on manufacturing output growth. The unemployment rate fell to a 15-year low in November, supported by strong domestic demand during the holidays, yet job quality remains a concern.
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“World Bank. 2024. Philippines Monthly Economic Developments, January 2024. © World Bank. http://hdl.handle.net/10986/41060 License: CC BY-NC 3.0 IGO.”
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