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.
![Fig 1. GDP](/system/files/inline-images/Fig%201_0.png)
Gross National Income
Gross National Income (GNI) posted a quarter-on-quarter growth of 0.9 percent in the second quarter of 2023.
![Fig 2. GNI SANA](/system/files/inline-images/Fig%202_0.png)
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.
![Fig 3. HFCE SANA](/system/files/inline-images/Fig%203_0.png)
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.
![Fig 4. AFF SANA](/system/files/inline-images/Fig%204_0.png)
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.
![Fig 5 Industry SANA](/system/files/inline-images/Fig%205_0.png)
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.
![Fig 6. Services](/system/files/inline-images/Fig%206_0.png)
CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General
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