QUEZON CITY (PIA) -- The country’s gross domestic product (GDP) has grown by 6.4 percent during the first quarter of 2023, National Economic and Development Authority (NEDA) Secretary Arsenio Balicasan announced on Thursday, May 11.
During the Philippine Economic Performance for the First Quarter of 2023, the Secretary confirmed that the growth in GDP is within the median estimates of analysts and still within the government’s target of 6.0 percent to 7.0 percent for 2023.
“Among major emerging economies in the region that have released their first quarter 2023 real GDP growth so far, the Philippines grew the fastest, followed by Indonesia (5.0%), China (4.5%), and Vietnam (3.3%). The country’s growth is also more rapid than the forecasted first quarter growth rates for Malaysia (4.9%), India (4.6%), and Thailand (2.8%),” Secretary Balicasan said.
According to Philippine Statistics Authority (PSA) Undersecretary Claire Dennis S. Mapa, the main contributors for this first quarter growth were: Wholesale and retail trade; repair of motor vehicles and motorcycles, 7.0 percent; Financial and insurance activities, 8.8 percent; and Other services, 36.5 percent.
Usec Mapa also explained that in the first quarter of 2023, major economic sectors which include agriculture (2.2%), forestry, and fishing (3.9%); Industry; and Services (8.4%) also posted positive growth.
PSA data also shows sectors that also achieved growth during the said quarter and these are Household Final Consumption Expenditure (HFCE) 6.3%; Government Final Consumption Expenditure (GFCE), 6.2 percent; Gross capital formation, 12.2 percent; Exports of goods and services, 0.4 percent; and Imports of goods and services, 4.2 percent.
Meanwhile, the Gross National Income (GNI) grew by 9.9 percent and the Net Primary Income (NPl) from the rest of the world increased by 81.2 percent during the said period.
“The better-than-expected first-quarter performance this year implies that we are returning to our high-growth trajectory despite the various challenges and headwinds we have faced. However, we have much more work to realize our social and economic transformation agenda toward a prosperous, inclusive, and resilient Philippines,” NEDA Chief Balicasan said.
Recently, PSA also reported that the country's employment rate has continued to climb, reaching 95.3 percent or 48.58 million individuals employed in March 2023.
The Marcos administration is committed to sustaining this growth for economic renewal to provide a better life for every Filipino. (ARB, PIA-CPSD)