Philippines' GDP expanded 5.7% in first quarter of 2024

The Philippine economy grew 5.7 percent in the first quarter of 2024, according to the Philippine Statistics Authority .

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 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 ; 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.

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