The Philippine Statistics Authority (PSA) reported in a press release on Thursday that the country’s Gross Domestic Product (GDP) for the second quarter of 2024 increased by 6.3%, which was higher than the 4.3% in the second quarter of 2023.
This growth rate surpassed the revised 5.8 percent increase in GDP for the first quarter and raised the average growth rate for the first half of the year to 6 percent.
Construction, which grew by 16.0 percent, is noted as a major contributor to the GDP growth in the second quarter of 2024. This is alongside wholesale and retail trade, including the repair of motor vehicles and motorcycles, which increased by 5.8 percent, and financial and insurance activities, which rose by 8.2 percent.
Additionally, the Industry sector grew by 7.7 percent, and the Services sector increased by 6.8 percent. However, the Agriculture, Forestry, and Fishing sectors saw a decline of 2.3 percent.
On the demand side, the main driver of the GDP growth in the second quarter of 2024 was Household Final Consumption Expenditure, which saw a year-on-year increase of 4.6 percent.
Other expenditure categories also showed significant year-on-year growth including the Government Final Consumption Expenditure which rose by 10.7 percent, Gross Capital Formation that notably increased by 11.5 percent, Exports of Goods and Services grew by 4.2 percent, and Imports of Goods and Services saw a 5.2 percent increase.
The Gross National Income (GNI) increased by 7.9 percent compared to the previous year. Similarly, Net Primary Income from abroad rose by 24.7 percent during the same period.
