(Eagle News) — The Philippine economy posted a growth of 5.9 percent in the third quarter of 2023, the Philippine Statistics Authority said on Thursday, Nov. 9.
According to the National Economic and Development Authority, this makes the Philippines the fastest-growing economy among major emerging economies in Asia that have released their third-quarter Gross Domestic Product data.
Vietnam’s growth for the same period was at 5.3%, Indonesia’s and China’s at 4.9%, and Malaysia’s at 3.3%, NEDA said.
The PSA said the main contributors to the third quarter 2023 growth were:
- Wholesale and retail trade
- repair of motor vehicles and motorcycles, 5.0 percent
- Financial and insurance activities, 9.5 percent;
- Construction, 14.0 percent
The major economic sectors—agriculture, forestry, and fishing; industry; and services all posted positive growths in the third quarter of 2023.
The PSA said the growth of agriculture, forestry, and fishing was at 0.9 percent, industry at 5.5 percent; and services at 6.8 percent.
“Household final consumption expenditure (HFCE) grew by 5.0 percent in the third quarter of 2023,” the PSA added.
It said government final consumption expenditure (GFCE), and exports of goods and services also posted growths of 6.7 percent and 2.6 percent, respectively.
Gross capital formation and imports of goods and services, however, posted a contraction.
The first was at 1.6 percent and the second at 1.3 percent.