(Eagle News)–The Philippine economy grew by 5.7 percent in the first quarter of 2024.
Based on Philippine Statistics Authority data, this was slightly higher than the 5.5% growth recorded the previous quarter.
According to the PSA, the main contributors to the first quarter growth were the following:
- Financial and insurance activities: 10.0 percent
- Wholesale and retail trade
- Repair of motor vehicles and motorcycles: 6.4 percent
- Manufacturing: 4.5 percent
The PSA said all major economic sectors—agriculture, forestry, and fishing (AFF); industry; and services—posted year-on-year growths in the first quarter of 2024 with 0.4 percent, 5.1 percent, and 6.9 percent, respectively.
Meanwhile, Household Final Consumption Expenditure (HFCE) grew by 4.6 percent.
The PSA said the following also recorded year-on-year growths:
- Government Final Consumption Expenditure (GFCE): 1.7 percent
- Gross capital formation: 1.3 percent
- Exports of goods and services: 7.5 percent
- Imports of goods and services: 2.3 percent
“The Gross National Income (GNI) grew year-on-year by 9.7 percent in the first quarter of 2024. Likewise, Net Primary Income (NPl) from the Rest of the World grew by 57.0 percent during the period,” the PSA said.