MANILA: The Philippine economy grew 5.7% in the first quarter from the same period last year, the statistics agency said on Thursday.

Economists in a Reuters poll had expected annual gross domestic product growth of 5.9% in the first three months of the year. Growth in the fourth quarter was downwardly revised to 5.5% from 5.6%.

On a seasonally adjusted basis, the economy grew 1.3% quarter-on-quarter, above the 1.0% growth forecast in a Reuters poll but weaker than the 2.1% pace in the fourth quarter.

In April, the government lowered its target range for growth in 2024 to 6.0%-7.0% from a 6.5%-7.5% projection made in December, citing high inflation and an anticipated slowdown in the global economy.

 - Reuters