The Philippine Gross Domestic Product (GDP) posted a decline of -4.2 percent in the first quarter of 2021. The main contributors to the decline were: Construction, -24.2 percent; Other Services, -38.0 percent; and Real Estate and Ownership of Dwellings, -13.2 percent.
Despite the decline, some industries still managed to grow during the period. Financial and insurance activities expanded by 5.2 percent. Likewise, Public administration and defense; compulsory social activities, and Human health and social work activities, grew by 7.5 percent and 11.7 percent, respectively. The other industries which also managed to grow during the period were: Information and communication, 6.3 percent; Manufacturing, 0.5 percent; and Electricity, steam, water and waste management, 1.9 percent.
Among the major economic sectors, Agriculture, Forestry, and Fishing (AFF) declined by -1.2 percent in the first quarter of 2021. Services and Industry also contracted by -4.4 percent and -4.7 percent, respectively during the period.
On the demand side, Household Final Consumption Expenditure (HFCE) declined by -4.8 percent, along with the following items: Gross Capital Formation (GCF), -18.3 percent; Exports, -9.0 percent; and Imports, -8.3 percent. However, the Government Final Consumption Expenditure (GFCE) grew by 16.1 percent during the period.
The Net Primary Income (NPI) from the Rest of the World continued to decline by -75.8 percent bringing the Gross National Income to drop by -10.9 percent during the period.
Gross Domestic Product, Q1 2018 to Q1 2021 Growth Rates,
At constant 2018 prices