Gross Domestic Product
Gross Domestic Product (GDP) posted a quarter-on-quarter growth of 3.3 percent in the third quarter of 2023. Transportation and storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Construction were the top contributors to the quarter-on-quarter growth.
The three major economic sectors all posted quarter-on-quarter growths in the third quarter of 2023. Services posted the fastest quarter-on-quarter growth with 3.8 percent. This was followed by Industry with 2.9 percent, and Agriculture, forestry, and fishing with 1.4 percent.
Gross National Income
Gross National Income (GNI) posted a quarter-on-quarter growth of 5.2 percent in the third quarter of 2023.
Household Final Consumption Expenditure
Household final consumption expenditure grew quarter-on-quarter by 4.8 percent. The top contributors to the growth were Transport, Restaurants and hotels, and Miscellaneous goods and services.
Agriculture, Forestry, and Fishing
Agriculture, forestry, and fishing posted a quarter-on-quarter growth of 1.4 percent in the third quarter of 2023. This was mainly due to the growths of Fishing and aquaculture, Sugarcane including muscovado sugar-making in the farm, and Poultry and egg production.
Industry
Industry posted a quarter-on-quarter growth of 2.9 percent in the third quarter of 2023. All industries contributed to the quarter-on-quarter growth with Construction as the top contributor.
Services
Services recorded the fastest quarter-on-quarter growth among the three major industries in the third quarter of 2023 with 3.8 percent. The top contributors to the quarter-on-quarter growth were Transportation and storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Financial and insurance activities.
CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General
