Construction works abound along major thoroughfares in Metro Manila (PIA-NCR file photo).
MANILA (PIA) — The construction sector boom significantly fueled the strong 6.3 percent growth of the country’s economy during the second quarter of 2024, based on the latest report from the Philippine Statistics Authority (PSA).
This expansion of the gross domestic product (GDP), pertaining to the total value of goods and services produced in the country, represents a remarkable increase from the 5.8 percent recorded in the first quarter, pushing the economy closer to the government’s full-year growth target.
The surge was fueled by a 16 percent jump in the construction sector, along with substantial gains in transportation and storage (14.8 percent), other services (10 percent), and accommodation and food service activities (10.4 percent).
“This solid performance brings our real GDP growth to 6.0 percent for the first half of the year, positioning us well to achieve our 6-7 percent growth target for 2024,” said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
Breaking down the data by sectors, industry, and services led to an expansion with year-on-year increases of 7.7 percent and 6.8 percent, respectively. However, the agriculture, forestry, and fishing sectors faced a setback, contracting by 2.3 percent during the same period.
On the demand side, Balisacan highlighted an impressive 11.5 percent surge in total investments, largely driven by a 20.8 percent boost in construction activities. He attributed this growth to the swift implementation of infrastructure projects as well as to a strong pace in private sector construction efforts.
Household final consumption expenditure also played a crucial role in driving demand, showing a 4.6 percent increase year-on-year, according to the PSA. (JCO/PIA-NCR)
