Philippine Industry Sector: Fastest Growth in Q4 of 2018

Among the major sectors of the Philippines, the Philippine industry grew 6.9 percent in the fourth quarter of 2018. Followed by service sector with 6.3 percent. Agriculture sector had 1.7 percent, accordingly.

Further, according to the report of the Philippine Statistics Authority (PSA), aside from the Philippine industry, the major drivers of the Philippine economic growth in 2018 were: Construction; Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; and Other Services.

Consequently, with these increases, the economy of the Philippines gained 6.1 percent in the fourth quarter of 2018. For the whole year of 2018, the Philippines had a Gross Domestic Product of 6.2 percent.

Respectively, as cited in the report, Net Primary Income (NPI) grew by 0.9 percent.  As a result, Gross National Income (GNI) posted a growth of 5.2 percent. On an annual basis, GNI grew by 5.8 percent, while NPI’s growth is at 3.7 percent.

“With the country’s projected population reaching 107.0 million in the fourth quarter of 2018, per capita GDP and per capita GNI grew by 4.4 percent and 3.6 percent, respectively. Meanwhile, per capita Household Final Consumption Expenditure (HFCE) grew by 3.8 percent,” stated in the report of PSA.

Source: Philippine Economy Grows by 6.2 percent in 2018