In a statement, the Philippine Statistics Authority, reports that the Philippine economy grew by 6.8 percent in the first quarter of 2018. This was faster than the 6.5% growth recorded in the same quarter of 2017.
Manufacturing, Other Services, and Trade were the main drivers of growth for the quarter.
Among the major economic sectors, Industry recorded the fastest growth at 7.9 percent. This was followed by Services with a growth of 7.0 percent. Agriculture also grew albeit at the slower pace of 1.5 percent.
As far as incomes go, Net Primary Income increased to 4.3 percent during the quarter. Meanwhile, Gross National Income (GNI) posted a growth of 6.4 percent, faster than previous year’s growth of 6.3 percent.
Considering the country’s projected population reaching 105.8 million in the first quarter of 2018, per capita GDP grew by 5.1 percent.
Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure grew by 4.7 percent and 4.0 percent, respectively.
This represents the performance of the economy under the new TRAIN Law, and the first few months after a record 10 billion dollars in Foreign Direct Investments recorded at the end of 2017.
Read the rest of the PSA statement here...http://www.psa.gov.ph/content/philippine-economy-grows-68-percent-first-quarter-2018