🇵🇭 Philippines Economy: Strongest Growth in Asia Q1 2023

The Philippines' Economic performance in the first quarter of 2023 is one of the strongest expansions in Asia.

The Philippines Gross Domestic Product (GDP) posted a growth of 6.4 percent in the first quarter of 2023. The strongest so far, amongst the Asean-6, when Indonesia grew by 5.03%, Vietnam by 3.3%, and Singapore by 0 point 10%.
It is a drop from the 8% growth seen in the same period in 2022, and 7.2% in the previous quarter.
In addition, this is the slowest pace in seven quarters since the 12 percent in the second quarter of 2021, according to the Philippine Statistics Authority. But still, the first-quarter readout is better than the private sector economists’ median forecast of 6.2 percent.
Nevertheless, even as the Philippines lost momentum in the January to March quarter, it was on track to meet its 6 to 7% growth target for the year.
The main contributors to the first quarter of 2023 growth were, Wholesale and retail trade; repair of motor vehicles and motorcycles at 7.0 percent. Financial and insurance activities at 8.8 percent, and other services expanding by 36.5 percent.
All Major economic sectors posted positive growth in the first quarter of 2023. The services sector expanded stronger by 8.4%, followed by Industry by 3.9% and Agriculture, forestry, and fishing by 2.2 percent.
On the demand side, Household Final Consumption Expenditure grew by 6.3 percent in the first quarter of 2023. The following items also recorded growths, Government Final Consumption Expenditure at 6.2 percent. Gross capital formation at 12.2 percent. Exports of goods and services at 0.4 percent, and Imports of goods and services at 4.2 percent.
The main contributors to the slowdown in the GDP growth in the first quarter were mining and quarrying, which contracted by 2.2 percent; public administration and defense, and human health and social work activities.
The country’s Gross National Income (GNI) grew by 9.9 percent in the first quarter of 2023. Likewise, Net Primary Income (NPl) from the Rest of the World increased by 81.2 percent during the period.
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Видео 🇵🇭 Philippines Economy: Strongest Growth in Asia Q1 2023 канала ASEAN Analytics