Philippines’ economy growth slows down at 5.7 percent

Philippines’ economy growth slows down at 5.7 percent
SunStar File

THE country’s gross domestic product (GDP) was at 5.7 percent in the first quarter of 2024, or from January to March, the Philippine Statistics Authority (PSA) said Thursday, May 9, 2024.

The 5.7 percent GDP growth was lower than the 6.4 percent posted in the first quarter of 2023 and barely higher than the 5.6 percent during the last quarter of last year.

The current GDP growth is not within the target range of 6.0 to 7.0 percent set by the inter-agency Development Budget Coordination Committee (DBCC).

GDP is the total value of goods and services produced in a certain period that gauges the growth of the economy.

The main contributors to the first quarter 2024 growth were: financial and insurance activities, which grew by 10.0 percent; wholesale and retail trade and repair of motor vehicles and motorcycles both at 6.4 percent; and manufacturing at 4.5 percent.

Agriculture, forestry, and fishing (AFF); industry; and services, which were all major economic sectors, posted year-on-year growths with 0.4 percent, 5.1 percent, and 6.9 percent, respectively.

On the demand side, Household Final Consumption Expenditure (HFCE) grew at 4.6 percent.

A 1.7 percent year-on-year growth was also recorded on Government Final Consumption Expenditure (GFCE); 1.3 percent on gross capital formation; 7.5 percent on exports of goods and services; 2.3 percent on exports and Imports of goods and services.

“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,” national statistician Undersecretary Dennis Mapa said. (TPM/SunStar Philippines)

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