FILE

Great news for the Philippine economy! The annual growth rate for the country's Gross Domestic Product (GDP) in the first quarter of 2024 just got a boost. Initially estimated at 5.7 percent, the figure has been revised up to 5.8 percent, based on constant 2018 prices. This upward revision reflects some impressive performances in key sectors of the economy.

So, what’s driving this positive change? Well, three major areas are leading the charge:

1. Financial and Insurance Activities: This sector saw its growth rate climb from 10.0 percent to 10.3 percent. It's clear that the financial services industry is on a roll!

2. Wholesale and Retail Trade: This segment, including the repair of motor vehicles and motorcycles, also had a bump in its growth rate, moving from 6.4 percent to 6.6 percent. More shopping and vehicle maintenance mean a healthier economic vibe.

3. Electricity, Steam, Water, and Waste Management: This crucial sector experienced an increase in growth, rising from 6.3 percent to 6.9 percent. It's a sign that infrastructure and utilities are playing a big part in our economic boost.

The good news doesn’t stop there. The annual growth rates for the Gross National Income and the Net Primary Income from the Rest of the World were also revised upward. The Gross National Income jumped from 9.7 percent to 9.8 percent, and the Net Primary Income from the Rest of the World went up from 57.0 percent to 57.6 percent.