GCF grew year-on-year by 1.3 percent in the first quarter of 2024. This was a deceleration compared with the 12.8 percent growth registered in the same quarter of the previous year. (Figure 7)
Construction grew by 6.8 percent in the first quarter of 2024. General government, Financial and non-financial corporations, and Households and NPISHs1 all recorded growths with 12.4 percent, 6.7 percent, and 2.6 percent, respectively.
Breeding stocks and orchard development, and Intellectual property products recorded growths of 0.05 percent, and 3.4 percent, respectively. However, Valuables and Durable equipment both posted contractions of 25.3 percent and 4.8 percent, respectively.
Changes in inventories posted additions of PhP 18.06 billion during the first quarter of 2024.
Figure 7. Gross Capital Formation,
Q1 2021 to Q1 2024 Growth Rates,
At Constant 2018 Prices
Source: Philippine Statistics Authority
1NPISHs – Non-profit institutions serving households
