Gross Domestic Product

Gross Domestic Product (GDP) posted a quarter-on-quarter growth  of 3.3 percent in the third quarter of 2023. Transportation and storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Construction were the top contributors to the quarter-on-quarter growth.

The three major economic sectors all posted quarter-on-quarter growths in the third quarter of 2023. Services posted the fastest quarter-on-quarter growth with 3.8 percent. This was followed by Industry with 2.9 percent, and Agriculture, forestry, and fishing with 1.4 percent.

Gross National Income

Gross National Income (GNI) posted a quarter-on-quarter growth of 5.2 percent in the third quarter of 2023.

Household Final Consumption Expenditure

Household final consumption expenditure grew quarter-on-quarter by 4.8 percent. The top contributors to the growth were Transport, Restaurants and hotels, 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 third quarter of 2023. This was mainly due to the growths of Fishing and aquaculture, Sugarcane including muscovado sugar-making in the farm, and Poultry and egg production.

Industry

Industry posted a quarter-on-quarter growth of 2.9 percent in the third quarter of 2023. All industries contributed to the quarter-on-quarter growth with Construction as the top contributor.

Services

Services recorded the fastest quarter-on-quarter growth among the three major industries in the third quarter of 2023 with 3.8 percent. The top contributors to the quarter-on-quarter growth were Transportation and storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Financial and insurance activities.

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

See more at the Seasonally Adjusted National Accounts page