The Philippine economy grew 5.7 percent in the first quarter of 2024, according to the Philippine Statistics Authority (PSA).
This was faster than the 5.5 percent expansion seen in the fourth quarter of 2023, but lower than the government’s target range of 6 percent to 7 percent for the year.
Among the major contributors to the gross domestic product growth from January to March were the financial and insurance activities; wholesale and retail trade; repair of motor vehicles; and motorcycles and manufacturing, according to the PSA.
The National Economic and Development Authority said the Philippines retained its status as a leading force among Asia’s emerging economies.
The main contributors to the first quarter 2024 growth were: Financial and insurance activities, 10.0 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 6.4 percent; and Manufacturing, 4.5 percent.
All major economic sectors–Agriculture, forestry and fishing (AFF); Industry; and Services posted year-on-year growths in the first quarter of 2024 with 0.4 percent, 5.1 percent and 6.9 percent, respectively.
household Final Consumption Expenditure (HFCE) grew 4.6 percent in the first quarter of 2024. Government final consumption expenditure (GFCE) rose 1.7 percent; gross capital formation, 1.3 percent; exports of goods and services, 7.5 percent; and imports of goods and services, 2.3 percent.
The gross national income (GNI) grew year-on-year by 9.7 percent in the first quarter as the net primary income (NPl) from the rest of the world surged 57.0 percent during the period.