1st Quarter 2021

GDP declines by -4.2 percent in the first quarter of 2021

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

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Philippine Economic Performance, First Quarter of 2021
Philippine Economic Performance, First Quarter of 2021

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Contact Information

Technical Inquiries

Ms. Vivian R. Ilarina
Assistant National Statistician
Macroeconomic Accounts Service
(632) 8376-1996
v.ilarina@psa.gov.ph

Ms. Ma. Libertie V. Masculino
OIC-Chief
Integrated Accounts Division
Macroeconomic Accounts Service
(632) 8376-2024
l.masculino@psa.gov.ph

 

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Ms. Maria Belen B. Pecson
Librarian II
Knowledge Management and Communications Division
(632) 8462-6600 local 839
info@psa.gov.ph