Services industry sustained its momentum as all the sub-industries expanded in the third quarter of 2021, growing at 8.2 percent compared to the same period in 2020.
Wholesale and retail trade; repair of motor vehicles and motorcycles continued to contribute the most as it grew by 6.4 percent during the period. This was primarily driven by the growth in Retail trade at 7.6 percent.
Other top contributors in Services were Professional and business services and the Financial and insurance activities, which increased by 11.5 percent and 6.4 percent, respectively.
Meanwhile, the following sub-industries had recovered from previous year’s losses: Education, which grew by 13.8 percent; Transportation and storage, 14.8 percent; Human health and social work activities, 17.7 percent; Real estate and ownership of dwellings, 4.7 percent; Other services, 20.3 percent; and Accommodation and food service activities, 11.5 percent.
Public administration and defense; compulsory social activities continued to expand and contributed positively with 5.2 percent growth during the period.
Services shared 63.9 percent of the 2021 third quarter GDP, maintaining its post as the top contributor to GDP among the three major economic sectors.
Figure 4. Services, Q1 2019 to Q3 2021 Growth Rates,
At constant 2018 prices