The Philippine Statistics Authority (PSA) reported that Philippines posted a gross domestic product (GDP) growth of 5.6 percent in the first quarter of 2019, which is slower than the 6.5 percent in the first quarter of 2018.
Moreover, “Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Manufacturing; and Financial Intermediation were the main drivers of the GDP growth for the quarter”.
In terms of industry, Services industry accounted the fastest growth of 7.0 percent; Manufacturing industry with 4.4, and Agriculture, Hunting, Forestry and Fishing had a growth of 0.8 percent.
Respectively, PSA report also stated that Net Primary Income (NPI) from the rest of the world increase by 1.9 percent resulting in the 4.9 percent growth of Gross National Income (GNI).
Consequently, GNI per capita and per capita Household Final Consumption Expenditure (HFCE) of the Philippines accounted a growth of 3.3 percent and 4.6 percent. The increasing population of the country that reached 107.4 million in the first quarter of 2019 attributed 4.9 percent growth to the per capita of the country’s GDP.
GNI per capita pertains to the average income of the country’s citizen. This is dollar value of a country’s final income in a year, divided by its population.