The primary drivers of the growth were wholesale and retail trade, including the repair of motor vehicles and motorcycles, which grew by 6.4 per cent; financial and insurance activities, which rose by 7.2 per cent; and manufacturing, which increased by 4.1 per cent, Philippine Statistics Authority said in a press release.
All major economic sectors, namely agriculture, forestry and fishing, and industry and services posted growth in Q1 2025 with 2.2 per cent, 4.5 per cent, and 6.3 per cent, respectively.
On the demand side, household final consumption expenditure rose by 5.3 per cent YoY in Q1 2025. Other components also showed YoY growth: government final consumption expenditure increased by 18.7 per cent; gross capital formation by 4 per cent; exports of goods and services by 6.2 per cent; and imports of goods and services by 9.9 per cent.
The gross national income grew 7.5 per cent YoY in Q1 2025. Likewise, net primary income from the rest of the world posted YoY growth of 24.6 per cent during the period.
Fibre2Fashion News Desk (SG)
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