MANILA — Despite facing challenges both domestically and internationally, the Philippine economy expanded by 5.7 percent in the first quarter of the year, as reported by the Philippine Statistics Authority (PSA) on Thursday (09 may 2024).
This growth rate marks a slight decrease from the 6.4 percent recorded in the previous year.
Noteworthy contributors to this growth include financial and insurance activities (10.0 percent), wholesale and retail trade, along with repair of motor vehicles and motorcycles (6.4 percent), and manufacturing (4.5 percent), according to the PSA.
All major economic sectors experienced growth during this period, with agriculture, forestry, and fishing expanding by 0.4 percent, industry by 5.1 percent, and services by 6.9 percent.
Household final consumption expenditure saw a rise of 4.6 percent during the first three months of 2024.
Similarly, government final consumption expenditure, gross capital formation, exports of goods and services, and imports of goods and services recorded growth rates of 1.7 percent, 1.3 percent, 7.5 percent, and 2.3 percent respectively.
(el Amigo/MNM)
