Philippines' GDP grows 5.6% in 2023

31 Jan '24

2 min read

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Insights

In 2023, the Philippines' GDP grew by 5.6 per cent in Q4, bringing the full-year growth to 5.6 per cent.
Wholesale and retail trade sectors led the growth, with industrial sector growing 3.2 per cent YoY in Q4.
Imports grew by 2.9 per cent while exports declined by 2.6 per cent in Q4.
Annual exports and imports grew by 1.3 per cent and 1.6 per cent.

The Philippines' economy witnessed significant growth in 2023, with the gross domestic product (GDP) expanding by 5.6 per cent in the fourth quarter (Q4), according to the Philippine Statistics Authority (PSA). The performance in the last quarter brought the full-year GDP growth rate to an impressive 5.6 per cent.

The major drivers of this growth were identified as the wholesale and retail trade sectors. Additionally, the industrial sector also contributed positively, registering a 3.2 per cent year-on-year (YoY) growth in the Q4 2023.

In terms of international trade, the Q4 2023 saw the imports of goods and services grow by 2.9 per cent annually. However, the same period experienced declines in other areas, with government final consumption expenditure (GFCE) and exports of goods and services dropping by 1.8 per cent and 2.6 per cent, respectively.

For the entire year of 2023, the exports of goods and services grew modestly by 1.3 per cent, while imports of goods and services saw a slightly higher growth of 1.6 per cent.

A key highlight of the economic performance in 2023 was the gross national income (GNI), which grew by a remarkable 11.1 per cent in Q4. This surge propelled the full-year GNI growth to 10.5 per cent.

During Q4 2023, the net primary income (NPI) grew YoY by 97.7 per cent. This trend continued throughout the year, with the annual 2023 NPI growth reaching 96.6 per cent.

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