(Eagle News)–The country’s gross domestic product growth slowed to 5.6 percent in the first quarter of 2019, the Philippine Statistics Authority said on Thursday, May 9.
The PSA said this was slower than the 6.5 percent growth recorded in the first quarter of 2018.
According to the PSA, trade and repair of motor vehicles, motorcycles, personal and household goods; manufacturing; and financial intermediation were the main drivers of growth for the quarter.
Services, the PSA said, had the fastest growth, at 7 percent, followed by industry, at 4.4 percent.
“Agriculture, hunting, forestry and fishing had a growth of 0.8 percent,” the PSA said.
According to the PSA, with the country’s projected population reaching 107.4 million in the first quarter of 2019, per capita GDP grew by 3.9 percent.
“Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted corresponding growths of 3.3 percent and 4.6 percent,” it said.
