MANILA – The Philippines said Monday its economy expanded by a lower-than-expected 4.9 percent in the three months to March, due to a drop in global trade and less spending on infrastructure.
The National Statistical Coordination Board said first quarter growth in gross domestic product was lower than the 8.4 percent GDP in the same period last year, when economic activity was boosted by election-related spending.
“Underspending by the government and the slowdown in global trade constricted...
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