Philippine Gross Domestic Product (GDP) grew by 11.8% in the second quarter of 2021. According to Philippine Statistics Authority (PSA), this was the highest since the fourth quarter of 1988 which posted a growth of 12.0.
“The main contributors to the growth, with their corresponding increase, were: Manufacturing, 22.3%; Construction, 25.7%; and Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.4%.” PSA said in a statement.
Finance Secretary Carlos Dominguez III said that this is the best quarterly performance recorded in more than 30 years-in the midst of the COVID-19 pandemic.
“We have endured much since the outbreak of this pandemic. But I’m fairly certain that we have gone through the worst part of this global health emergency. In the second quarter of this year, our GDP grew by 11.8%. This is the best performance in more than 30 years,” he expressed.
PSA said in a report that among the major economic sectors, Industry and Services growth of 20.8% and 9.6% respectively. Agriculture, forestry, and fishing posted a contraction of -0.1% in the second quarter of 2021.
“On the demand side, Household Final Consumption Expenditure (HFCE) improved by 7.2%, along with the following items: Gross Capital Formation (GCF), 75.5%; Exports, 27.0%; and Imports, 37.8%.,” PSA added.
Meanwhile, the Government Final Consumption Expenditure (GFCE) dropped by negative 4.9% in the second quarter of 2021. The Net Primary Income (NPl) from the Rest of the World declined by negative 53.8% and the Gross National lncome (GNl) posted a growth of 6.6% during the said period.
GDP serves as a measure of the total production of goods and services in a country. In other words, GDP reflects the overall health of the economy at a particular period.
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