Gross domestic product (GDP) in the Philippines posted a year-on-year (YoY) growth of 5.2 per cent in the third quarter (Q3) this year, according to the Philippines Statistics Authority (PSA). Wholesale and retail trade was among the main contributors to the growth.The industrial sector posted a 5-per cent YoY growth in Q3 2024.
GDP in the Philippines posted a YoY growth of 5.2 per cent in Q3 2024, official statistics show. Wholesale and retail trade was among the main contributors to the growth. The industrial sector posted a 5-per cent YoY growth in Q3 2024. While imports of goods and services grew by 6.4 per cent YoY in the quarter, their exports recorded a YoY decline of 1 per cent.
On the demand side, household final consumption expenditure was the top contributor to the increase in the country’s GDP, which grew by 5.1 per cent YoY in Q3 2024.
While imports of goods and services grew by 6.4 per cent YoY in the quarter, their exports recorded a YoY decline of 1 per cent.
The country’s gross national income grew by 6.8 per cent YoY in Q3 2024, a PSA release said.
The net primary income from the rest of the world grew by 19.3 per cent during the period.
Fibre2Fashion News Desk (DS)
