The Philippines GDP Growth

philippines gdp growth
The Philippines GDP Growth | @dof_ph

The Philippines GDP Growth

The Philippine economy grew faster by 5.9% in the third quarter (Q3) of 2023!

“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,”  National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.

The main contributors to the Q3 2023 growth were:

  • Construction (14.0%)
  • Financial and insurance activities (9.5%)
  • Wholesale and retail trade & repair of motor vehicles and motorcycles (5%)

Major economic sectors all posted positive growths!

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