GDP grew year-on-year by 5.7 percent in the first quarter of 2014. This is lower than the growth rates of 6.3 percent in the fourth quarter of 2013 and 7.7 percent in the first quarter of that year.
The first quarter growth was driven by the services sector which grew by 6.8 percent and then by the Industry sector which grew by 5.5 percent.
It is noted that the growth in services sector is higher than the previous year’s growth rates of 6.5 percent in Q1 and 6.7 percent in Q4. On the other hand, growth in the Industry sector is lower than that in Q1 2013 at 11.3 percent and Q4 2013 at 7.6 percent.
Among the three major economic sectors, Services made the highest contribution to the GDP growth in the first quarter of 2014 contributing 3.8 percentage points followed by Industry with 1.8 percentage points, and the whole Agriculture sector with 0.1 percentage point.
The continued inflow of income from overseas workers accelerated the Net Primary Income from the Rest of the World to grow by 17.3 percent, boosting the Gross National Income (GNI) growth to 7.6 percent.
With the country’s projected population reaching 99.2 million in the first quarter of 2014, per capita GDP grew by 3.9 percent from 5.8 percent of the same quarter of 2013 per capita GNI grew by 5.8 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 4.0 percent from 5.5 percent and 3.7 percent, respectively.
LISA GRACE S. BERSALES