THE country’s economy grew slightly faster at 5.4 percent in the first quarter of 2025, up from 5.3 percent in the last three months of the previous year, the Philippine Statistics Authority (PSA) reported on Thursday, May 8, 2025.
In a statement, the Philippine Statistics Authority (PSA) said the key players to economic growth during the said period were the wholesale and retail trade; repair of motor vehicles and motorcycles with 6.4 percent growth; financial and insurance activities at 7.2 percent; and manufacturing at 4.1 percent.
All major economic sectors, namely agriculture, forestry, and fishing; industry; and services also posted year-on-year growths with 2.2 percent, 4.5 percent, and 6.3 percent, respectively.
The growth drivers on the demand side were driven primarily by the household final consumption expenditure growth by 5.3 percent; government final consumption expenditure by 18.7 percent; gross capital formation by 4.0 percent; exports of goods and services by 6.2 percent; and imports of goods and services, 9.9 percent.
“The Gross National Income grew year-on-year by 7.5 percent in the first quarter of 2025. Likewise, Net Primary Income from the Rest of the World posted year-on-year growth of 24.6 percent during the period,” the PSA said. (TPM/SunStar Philippines)