PSA says growth “faster” than growth recorded in Q1 of 2017
(Eagle News) — The Philippine economy posted a 6.8 percent growth in the first quarter of 2018, the Philippine Statistics Authority announced on Thursday, May 10.
According to the PSA, this was “faster” than the 6.4 percent growth recorded in the same quarter of 2017.
The PSA said other services and trade were the “main drivers of growth for the quarter.”
“Among the major economic sectors, Industry recorded the fastest growth at 7.9 percent. This was followed by Services with a growth of 7.0 percent. Agriculture also grew at a slower pace of 1.5 percent,” the PSA said.
Net primary income and Gross National Income also increased, at 4.3 percent and 6.4 percent, respectively.
The growth in GNI, the PSA said, was “faster” than the 6.3 percent recorded the previous year.
“With the country’s projected population reaching 105.8 million in the first quarter of 2018, per capita GDP grew by 5.1 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure grew by 4.7 percent and 4.0 percent, respectively,” the PSA said.