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| The Philippines' gross domestic product (GDP) increased by 7.1 percent in the third quarter of 2021, according to the Philippines Statistics Authority (PSA). |
QUEZON CITY — In the third quarter of 2021, the Philippine Gross Domestic Product (GDP) increased by 7.1 percent. Wholesale and retail trade; motor vehicle and motorcycle repair, 6.3 percent; manufacturing, 6.3 percent; and construction, 16.8 percent, were the main contributors to growth, with corresponding increases.
Industry and services both grew by 7.9 percent and 8.2 percent, respectively, among the major economic sectors. Agriculture, forestry, and fishing, on the other hand, contracted by -1.7 percent in the third quarter of 2021.
Household Final Consumption Expenditure (HFCE) increased by 7.1 percent in the third quarter of 2021. Gross Capital Formation (GCF) increased by 22.0 percent, Government Final Consumption Expenditure (GFCE) increased by 13.6 percent, Exports increased by 9.0 percent, and Imports increased by 13.2 percent.
The rest of the world's net primary income (NPl) fell by -52.3 percent. Meanwhile, the Gross National lncome (GNl) increased by 2.8 percent during the same period. (Source: PSA/PRESS RELEASE)