THE Philippine Statistics Authority (PSA) said that the country's economy grew slower in year 2023.

This is short of the government's target, the PSA said.

Meanwhile, the economy, which is measured using the gross domestic product (GDP) or the total value of goods and services produced in a period, actually grew by 5.6% from October to December 2023.

According to PSA chief and National Statistician Claire Dennis Mapa this is slower than the 7.1% growth rate that was monitored in the fourth quarter of 2022. 

There is also a noted deceleration from the upwardly revised third quarter 2023 GDP growth rate of 6%.

Meanwhile, the fourth quarter economic performance had brought the full-year 2023 economic growth rate to 5.6%.

This is slower than the 7.6% full-year 2022 GDP growth.

On the other hand it is below the government's target range of 6% to 7% for 2023's full-year GDP growth.