The Philippine Gross Domestic Product (GDP) posted a year-on-year growth of 6.3 percent in the second quarter of 2024. (Figure 1)

The main contributors to the second quarter 2024 growth were Construction, 16.0 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.8 percent; and Financial and insurance activities, 8.2 percent.

Among the major economic sectors, Industry and Services posted year-on-year growths in the second quarter of 2024 with 7.7 percent and 6.8 percent, respectively. Meanwhile, the Agriculture, forestry, and fishing sector posted a year-on-year decline of 2.3 percent.

On the demand side, Household Final Consumption Expenditure was the top contributor to the increase in the country’s GDP, which grew year-on-year by 4.6 percent in the second quarter of 2024. The following expenditure items also recorded year-on-year growths: Government Final Consumption Expenditure, 10.7 percent; Gross capital formation, 11.5 percent; Exports of goods and services, 4.2 percent; and Imports of goods and services, 5.2 percent.

The Gross National Income grew year-on-year by 7.9 percent in the second quarter of 2024. Likewise, Net Primary Income from the Rest of the World grew by 24.7 percent during the period.

Figure 1. Gross Domestic Product, Year-on-Year Growth Rates,
Q1 2021 to Q2 2024
(at constant 2018 prices)

Source: Philippine Statistics Authority