The Philippines’ Gross Domestic Product (GDP) posted a 6.4 percent growth in the first quarter of 2017, lower than the 6.9 percent posted in the same period in 2016, the Philippine Statistics Authority (PSA) said in a statement on Thursday, May 18.
Manufacturing, Trade, and Other Services were the main drivers of growth for the quarter, the PSA said.
Among the major economic sectors, Services had the fastest growth of 6.8 percent. Industry decreased to 6.1 percent as compared with the 9.3 percent growth recorded in the first quarter of 2016.
Meanwhile, Agriculture recovered with 4.9 percent growth from a decline of 4.3 percent in 2016.
The Net Primary Income from the rest of the world (NPI) slowed down by 3.9 percent compared with the 9.4 percent growth recorded in the same quarter of 2016.
The NPI refers to “receipts and payments of employee compensation paid to nonresident workers and investment income (receipts and payments on direct investment, portfolio investment, other investments, and receipts on reserve assets).”
As a result, Gross National Income (GNI) posted a growth of 5.9 percent.
GNI “measures income received by a country both domestically and from overseas”.
“In this respect, GNI is quite similar to Gross National Product (GNP), which measures output from the citizens and companies of a particular nation, regardless of whether they are located within its boundaries or overseas,” according to investopedia.com.
The GDP and GNI grew quarter on quarter by 1.1 percent and 1.0 percent, respectively. Agriculture, Hunting, Forestry and Fishing (AHFF) and Services rose by 1.6 percent and 1.4 percent, respectively. Likewise, Industry expanded by 0.4 percent from the previous quarter.
With the country’s projected population reaching 104.1 million in the first quarter of 2017, per capita GDP grew by 4.9 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent and 4.2 percent, respectively.