The Philippine economy grew by 8.3% year on year in the first quarter, beating market estimates, buoyed by base effects and reopening of the economy, the Philippine Statistics Authority reported this morning.

Preliminary gross domestic product (GDP) data in the first quarter was a turnaround from 3.8% decline in the same period last year and faster than the revised 7.8% in the fourth quarter of 2021.

It also beat the median estimate of 6.7% in a BusinessWorld poll. It was also within the government’s 7-9% target.

The GDP growth in the quarter ended March was the highest in three quarters or since the 12.1% in the second quarter last year.

On a seasonally adjusted quarter-on-quarter basis, the country’s GDP went up by 1.9%. — A. M. P. Yraola