Services posted a year-on-year growth of 6.9 percent in the first quarter of 2024, slower than the 8.3 percent recorded in the same quarter of 2023. (Figure 4)

Financial and insurance activities had the highest contribution to growth which expanded by 10.0 percent, followed by Wholesale and retail trade; repair of motor vehicles and motorcycles with 6.4 percent growth.

Banking institutions, which grew by 12.7 percent, propelled the growth of the Financial and insurance activities. Meanwhile, the growth in Trade was mainly driven by Retail trade, except of motor vehicles and motorcycles, which comprised 81.5 percent of the total Trade.

Other sub-industries under Services also recorded growth during the period: Professional and business Services, 7.5 percent; Accommodation and food service activities, 13.9 percent; Real estate and ownership of dwellings, 4.1 percent; Transportation and storage, 5.6 percent; Education, 4.6 percent; Other services, 8.52 percent; Human health and social work activities, 8.46 percent; Public administration and defense; compulsory social activities, 3.8 percent; and Information and communication, 4.2 percent.

Services shared 61.6 percent of the total GDP in the first quarter of 2024.  
 

Figure 4. Services, Q1 2021 to Q1 2024 Growth Rates, 
At Constant 2018 Prices 

Source: Philippine Statistics Authority