The Seasonally Adjusted National Accounts of the Philippines: First Quarter 2023 (at Constant 2018 Prices)

Release Date
Reference Number
2023-174

Gross Domestic Product

  • Gross Domestic Product (GDP) posted a quarter-on-quarter growth of 1.1 percent in the first quarter of 2023. Construction, Manufacturing, and Financial and insurance activities were the top contributors to the quarter-on-quarter growth. Combined Mining and Quarrying, Manufacturing, Construction, and Electricity, steam, water and waste management posted the fastest growth of 2.1 percent. This was followed by Agriculture, forestry, and fishing with 1.4 percent, and Services with 0.7 percent.

Gross National Income

  • Gross National Income (GNI) posted a quarter-on-quarter growth of 2.3 percent in the first quarter of 2023.

 

Household Final Consumption Expenditure

  • Household final consumption expenditure grew quarter-on-quarter by 1.4 percent. The top contributors to the growth were Transport, Food and non-alcoholic beverages, and Miscellaneous goods and services.

 

Agriculture, Forestry, and Fishing

  • Agriculture, forestry, and fishing posted a quarter-on-quarter growth of 1.4 percent in the first quarter of 2023. This was mainly due to the growth of Palay, Poultry and egg production, and Livestock.

 

Industry

  • Industry recorded the fastest quarter-on-quarter growth among the major industries in the first quarter of 2023 with 2.1 percent. Construction and Manufacturing were the top contributors to the quarter-on-quarter growth.

 

Services

  • Services grew by 0.7 percent in the first quarter of 2023. The top contributors to the quarter-on-quarter growth were Financial and insurance activities, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Other services.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the Seasonally Adjusted National Accounts page