Household final consumption expenditure (HFCE) grew year-on-year by 4.6 percent in the first quarter of 2024. This was a deceleration compared with the 6.4 percent growth registered in the same quarter of the previous year. (Figure 5)

The following were the top contributors to the growth of HFCE: Restaurants and hotels, 11.9 percent; Housing, water, electricity, gas and other fuels, 7.27 percent; Miscellaneous goods and services, 6.0 percent; Transport, 7.5 percent; and Health, 7.25 percent.

The lone HFCE item that posted a decline during the period was Alcoholic beverages, tobacco with 2.7 percent.
 

Figure 5. Household Final Consumption Expenditure,
Q1 2021 to Q1 2024 Growth Rates,
At Constant 2018 Prices

Source: Philippine Statistics Authority