Philippines Shines with 5.7% GDP Growth: Exports and Key Sectors Lead the Surge

The Philippines’ latest gross domestic product (GDP) grew by 5.7% in the first quarter of 2024, led by gains in financial and insurance, wholesale and retail trade, and manufacturing sectors. The services sector rose by 6.9%, industry and agriculture, forestry, and fishing sectors by 5.1% and 0.4%, respectively.

Secretary Alfredo E. Pascual noted the DTI’s contributions through business-friendly programs. Merchandise exports increased by 4.8% compared to the previous year, with electronics, mainly semiconductors and electronic data processing, copper concentrates, coconut oil, fresh bananas, and chemicals.

Despite geopolitical challenges, efforts continue to meet export targets set in the Philippine Export Development Plan 2023-2028. The DTI affirmed its active engagement in various initiatives to promote and support export growth.

For more details, visit DTI’s official pageAOB

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