Gross Domestic Product
The Gross Domestic Product (GDP) posted a quarter-on-quarter growth of 2.1 percent in the fourth quarter of 2023. Financial and insurance activities, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Public administration and defense; compulsory social activities were the top contributors to the quarter-on-quarter growth.
Among the three major economic sectors, Services and Industry posted quarter-on-quarter growths of 3.2 percent and 0.4 percent, respectively. Meanwhile, Agriculture, forestry, and fishing declined quarter-on-quarter by 0.02 percent.
Gross National Income
The Gross National Income (GNI) posted a quarter-on-quarter growth of 2.8 percent in the fourth quarter of 2023.
Household Final Consumption Expenditure
Household final consumption expenditure grew quarter-on-quarter by 2.8 percent. The top contributors to the growth were Restaurants and hotels, Miscellaneous goods and services, and Food and non-alcoholic beverages.
Agriculture, Forestry, and Fishing
Agriculture, forestry, and fishing posted a quarter-on-quarter decline of -0.02 percent in the fourth quarter of 2023. This was mainly due to the declines of Palay, Fishing and aquaculture, and Corn.
Industry
Industry posted a quarter-on-quarter growth of 0.4 percent in the fourth quarter of 2023. Manufacturing, Electricity, steam, water and waste management, and Mining and quarrying were the contributors to the quarter-on-quarter growth.
Services
Services recorded the fastest quarter-on-quarter growth among the three major industries in the fourth quarter of 2023 with 3.2 percent. The top contributors to the quarter-on-quarter growth were Financial and insurance activities, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Public administration and defense; compulsory social activities.
CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General
