METRO MANILA’S economic output expanded by 4.9% in 2023, the slowest pace in two years, due to base effects and weaker output of key sectors, the Philippine Statistics Authority (PSA) said on Thursday.
Preliminary PSA data on the latest regional accounts showed that the National Capital Region’s (NCR) economic growth slowed sharply in 2023 from the 7.2% expansion in 2022.
This was Metro Manila’s weakest economic growth since the 4.4% print in 2021.
NCR growth was also slower than the Philippines’ 5.5% gross domestic product (GDP) print last year.
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