The Philippines’ gross domestic product (GDP) grew 5.6 percent in 2024 despite a sluggish fourth-quarter expansion of 5.2 percent, data from the Philippine Statistics Authority (PSA) showed Thursday.
The PSA said the main contributors to the fourth-quarter growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 5.5 percent; financial and insurance activities, 8.5 percent; and construction, 7.8 percent.
It said that for the whole 2024, the industries that contributed the most to the annual growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 5.6 percent; financial and insurance activities, 9.0 percent; and construction, 10.3 percent.
Among the major economic sectors, industry and services posted year-on-year growths in the fourth quarter of 2024, with 4.4 percent and 6.7 percent, respectively.
Meanwhile, the agriculture, forestry, and fishing (AFF) sector posted a year-on-year decline of 1.8 percent.
The PSA said that in full-year 2024, industry and Services also posted growths of 5.6 percent and 6.7 percent, respectively, while AFF posted a decline of 1.6 percent.
It said that on the demand side, household final consumption expenditure (HFCE) grew 4.7 percent year-on-year in the fourth quarter of 2024. Government final consumption expenditure (GFCE) rose 9.7 percent; gross capital formation, 4.1 percent; exports of goods and services, 3.15 percent; and Imports of goods and services, 3.19 percent.
“For the full year 2024, all major expenditure items also posted growths as HFCE grew by 4.8 percent; GFCE, 7.2 percent; gross capital formation, 7.5 percent; exports of goods and services, 3.4 percent; and imports of goods and services, 4.3 percent,” the PSA said.
Meanwhile, the gross national income (GNI) grew 6.2 percent year-on-year in the fourth quarter of 2024. This brought the full-year 2024 growth to 7.6 percent. Net primary income from the rest of the world rose 14.1 percent in the fourth quarter of 2024, which resulted in a full-year growth of 26.1 percent.