Business

Inflation a party pooper for Q1 GDP growth — Pernia

Socioeconomic Planning Secretary Ernesto Pernia

Growth would have been at 7 percent if prices weren’t too high.

Growth would have been at 7 percent if prices weren’t too high.

Philippine economic growth clocked in at 6.8 percent for the first quarter of 2018, among the fastest seen across Asia.

But Socioeconomic Planning Secretary Ernesto Pernia said the growth figure would have clocked in higher if inflation remained benign.

?If not for the first quarter 2017 to the first quarter 2018 rate of increase in inflation, real GDP growth would have been well within our growth rate targets of 7-8 percent,? Pernia said.

?So, inflation is the spoiler, that is why we really need to focus on inflation especially because it is the number one concern expressed by Filipinos in surveys, by SWS or Pulse Asia.?

Inflation averaged 3.8 percent from January to March.

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