Gross Domestic Product

Gross Domestic Product (GDP) posted a quarter-on-quarter decline of -0.9 percent in the second quarter of 2023. Transportation and storage, Manufacturing, and Financial and insurance activities were the top contributors to the quarter-on-quarter decline.

The three major economic sectors all posted quarter-on-quarter declines in the second quarter of 2023. Services posted the fastest quarter-on-quarter decline with -1.02 percent. This was followed by Agriculture, forestry, and fishing with -0.97 percent, and Industry with -0.7 percent.

Gross National Income

Gross National Income (GNI) posted a quarter-on-quarter growth of 0.9 percent in the second quarter of 2023.

Household Final Consumption Expenditure

Household final consumption expenditure declined quarter-on-quarter by -1.0 percent. The top contributors to the decline were Clothing and footwear, Transport, and Restaurants and hotels.

Agriculture, Forestry, and Fishing

Agriculture, forestry, and fishing posted a quarter-on-quarter decline of -0.97 percent in the second quarter of 2023. The top contributors to the decline were Fishing and aquaculture, Livestock, and Palay.

Industry

Industry posted a quarter-on-quarter decline of -0.7 percent in the second quarter of 2023. This was mainly due to the declines of Manufacturing, Electricity, steam, water and waste management, and Mining and quarrying.

Services

Services recorded the fastest quarter-on-quarter decline among the three major industries in the second quarter of 2023 with -1.02 percent. The top contributors to the quarter-on-quarter decline were Transportation and storage, Financial and insurance activities, and Real estate and ownership of dwellings.

CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General

See more at the Seasonally Adjusted National Accounts page