Industry accelerated by 5.1 percent in the first quarter of 2024 from the 4.1 percent growth recorded in the same quarter of 2023. (Figure 3)

The primary driver of growth was Manufacturing, which recorded a growth of 4.5 percent during the period. Contributing the most to the growth were the Manufacturing of the following: Food products, 4.6 percent; Computer, electronic, and optical products, 8.2 percent; Chemical and chemical products, 10.1 percent; Coke and refined petroleum products, 24.7 percent; and Electrical equipment  
7.2 percent.

Construction expanded by 7.0 percent, albeit at a slower pace compared with the 11.0 percent growth in the same period of 2023. Electricity, steam, water, and waste management also increased at the rate of 6.3 percent.

Meanwhile, Mining and quarrying posted a growth of 0.3 percent compared to the decline of 2.1 percent recorded in the same quarter of previous year.

In terms of its contribution to the overall economy, Industry accounted for 29.8 percent of the total GDP in the first quarter of 2024.  
 

Figure 3. Industry, Q1 2021 to Q1 2024 Growth Rates,  
At Constant 2018 Prices  

Source: Philippine Statistics Authority