2023 GDP growth seen at 5.5 percent - PNB analyst

THE country's gross domestic product (GDP) will reach 5.5 percent this year, according to an analyst, or slower compared to the expected 7.5 percent for 2022.

During the British Chamber of Commerce of the Philippines Philippine Economic Outlook for 2023 on Tuesday, Alvin Arogo, Philippine National Bank vice president and research division head, said that this will be mostly caused by the weakening of consumers' purchasing power, dampening of capital formation due to high interest rates and minimal increase in government expenditures.