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FROM MANILA STANDARD: PH economy grew 8.3% in first quarter

Author: DA Communications Group | 12 May 2022

The Philippine economy grew by 8.3 percent in the first quarter from a year ago, a reversal of the 3.8-percent contraction in the same period last year, as the economy reopened further amid the waning cases of COVID-19 infections, the Philippine Statistics Authority said Thursday.

The expansion of the gross domestic product in the first three months was also stronger than the 7.7-percent growth in the fourth quarter of 2021.

National statistician and civil registrar general Dennis Mapa said in an online briefing the main contributors to the first-quarter growth were manufacturing, which expanded 10.1 percent; wholesale and retail trade, repair of motor vehicles and motorcycles, 7.3 percent; and transportation and storage, 26.5 percent.

Among the major economic sectors, agriculture, forestry and fishing; industry and services all posted positive growths in the first quarter, with 0.2 percent, 10.4 percent, and 8.6 percent, respectively.

The PSA said that on the demand side, household final consumption expenditure grew by 10.1 percent in the first quarter. Government final consumption expenditure rose 3.6 percent; gross capital formation, 20.0 percent; exports of goods and services, 10.3 percent; and imports of goods and services, 15.6 percent.

Net primary income from the rest of the world grew by 103.2 percent, enabling the gross national income to grow by 10.7 percent in the first quarter.

Source: https://manilastandard.net/business/economy-trade/314227887/ph-economy-grew-8-3-in-first-quarter.html

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