BUSINESS
Advocates Philippines
Philippine GDP Surges By 5.7% In Q1 2024, Driven By Financial Services And Manufacturing
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The Philippine economy showcased robust growth in the first quarter of 2024, with the Gross Domestic Product (GDP) expanding by 5.7 percent year-on-year. This growth trajectory was powered by significant contributions from key sectors, including financial and insurance activities, wholesale and retail trade, repair of motor vehicles and motorcycles, and manufacturing.
According to data released by the Philippine Statistics Authority (PSA), financial and insurance activities led the charge with an impressive growth rate of 10.0 percent. Meanwhile, wholesale and retail trade, along with the repair of motor vehicles and motorcycles, saw a healthy growth of 6.4 percent. Manufacturing also played a pivotal role, contributing a solid 4.5 percent to the overall GDP growth.
Notably, all major economic sectors experienced year-on-year growth in the first quarter of 2024. Agriculture, forestry, and fishing (AFF) grew by 0.4 percent, while the Industry sector expanded by 5.1 percent, and Services recorded a robust growth of 6.9 percent.
On the demand side, Household Final Consumption Expenditure (HFCE) increased by 4.6 percent, reflecting sustained consumer spending. Government Final Consumption Expenditure (GFCE) grew by 1.7 percent, while Gross capital formation and Exports of goods and services saw modest growth rates of 1.3 percent and 7.5 percent, respectively. Imports of goods and services also registered a positive growth of 2.3 percent.
The upbeat performance of the economy also reflected positively on the Gross National Income (GNI), which surged by 9.7 percent year-on-year in the first quarter of 2024. Additionally, Net Primary Income (NPl) from the Rest of the World witnessed remarkable growth, soaring by 57.0 percent during the same period.
Analysts attribute the strong GDP growth to a combination of factors, including robust domestic demand, increased investment activities, and resilient exports. The government's efforts to bolster key sectors and implement supportive economic policies have also played a crucial role in driving the country's economic expansion amidst global uncertainties.
According to data released by the Philippine Statistics Authority (PSA), financial and insurance activities led the charge with an impressive growth rate of 10.0 percent. Meanwhile, wholesale and retail trade, along with the repair of motor vehicles and motorcycles, saw a healthy growth of 6.4 percent. Manufacturing also played a pivotal role, contributing a solid 4.5 percent to the overall GDP growth.
Notably, all major economic sectors experienced year-on-year growth in the first quarter of 2024. Agriculture, forestry, and fishing (AFF) grew by 0.4 percent, while the Industry sector expanded by 5.1 percent, and Services recorded a robust growth of 6.9 percent.
On the demand side, Household Final Consumption Expenditure (HFCE) increased by 4.6 percent, reflecting sustained consumer spending. Government Final Consumption Expenditure (GFCE) grew by 1.7 percent, while Gross capital formation and Exports of goods and services saw modest growth rates of 1.3 percent and 7.5 percent, respectively. Imports of goods and services also registered a positive growth of 2.3 percent.
The upbeat performance of the economy also reflected positively on the Gross National Income (GNI), which surged by 9.7 percent year-on-year in the first quarter of 2024. Additionally, Net Primary Income (NPl) from the Rest of the World witnessed remarkable growth, soaring by 57.0 percent during the same period.
Analysts attribute the strong GDP growth to a combination of factors, including robust domestic demand, increased investment activities, and resilient exports. The government's efforts to bolster key sectors and implement supportive economic policies have also played a crucial role in driving the country's economic expansion amidst global uncertainties.
May 9, 2024
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