FMIC, UA&P trim GDP forecast

PRIVATE sector economists have lowered their outlook for full-year growth but remain optimistic about the country's prospects given factors such as lower inflation, higher government spending and increased manufacturing activity.

First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P), in the December edition of their joint Market Call report, said 2023 gross domestic product growth (GDP) was likely to average 5.5 percent, down from the forecast of 5.8 percent a month earlier.