The Philippines’ gross domestic product (GDP) expanded 5.7 percent year-on-year in the first quarter of 2024, the Philippine Statistics Authority (PSA) said.

The latest figure is higher than the 5.5 percent growth in the fourth quarter of 2023, but lower than the 6.4 percent expansion posted in the first quarter of 2023.

PSA head Dennis Mapa told a press conference that the main contributors to the first quarter’s growth were financial and insurance activities, wholesale and retail trade, repair of motor vehicles and motorcycles, and manufacturing.

All major economic sectors, namely agriculture, forestry, and fishing; industry; and services, posted year-on-year growths of 0.4 percent, 5.1 percent, and 6.9 percent, respectively, Mapa said.

National Economic and Development Authority Secretary Arsenio Balisacan said the Philippines’ first quarter GDP performance demonstrates the economy’s resilience despite the El Nino phenomenon and geopolitical tensions.

The Philippine government’s economic team forecasts a 6 to 7 percent GDP target for 2024 and 6.5 to 7.5 percent in 2025.

The Asian Development Bank forecasts Philippine economic growth at 6 percent this year, further picking up at 6.2 percent in 2025.