(Eagle News) — The Philippine economy posted a growth of 6.4% in the first quarter of 2023.
According to the Philippine Statistics Authority, this was the “lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021.”
The PSA said the following were the major contributors to the Philippine economy’s first quarter growth for 2023:
- Wholesale and retail trade
- repair of motor vehicles and motorcycles, 7.0 percent
- Financial and insurance activities, 8.8 percent
- Other services, 36.5 percent
Agriculture, forestry, and fishing; Industry; and Services all posted positive growths in the first quarter of 2023, the PSA said.
The first posted a 2.2 percent growth, the second a 3.9 percent growth, and the third an 8.4 percent growth.
The PSA said on the demand side, Household Final Consumption Expenditure (HFCE) grew by 6.3 percent.
The following also recorded growths.
- Government Final Consumption Expenditure (GFCE), 6.2 percent
- Gross capital formation, 12.2 percent
- Exports of goods and services, 0.4 percent
- Imports of goods and services, 4.2 percent
Gross National Income (GNI), meanwhile, grew by 9.9 percent in the first quarter of 2023.
“Likewise, Net Primary Income (NPl) from the Rest of the World increased by 81.2 percent during the period,” the PSA said.