THE Philippine Statistics Authority (PSA) noted a growth in the economy during the first quarter of 2024, but slowed from the same period in the past year.

According to the PSA data, based on the measurement of the gross domestic product (GDP), the economy grew by 5.7% during the first quarter of the year.

But compared with the downward-revised 5.5% in the fourth quarter of 2023 and the 6.4% in January to March of 2023, it recalled the latest reading as actually lower than the target range of 6.0% to 7.0% set by the inter-agency Development Budget Coordination Committee (DBCC).

It was cut short from the prior goal of 6.5% to 7.5% so as to reflect factors such as global demand, trade growth, oil prices, and inflation trends.

National Statistician Claire Dennis Mapa noted that among the contributors to growth include the financial and insurance activities at 10.0%, wholesale and retail trade and the repair of motor vehicles and motorcycles at 6.4%, and manufacturing at 4.5%.

Also included in the major economic sectors considered are the annual growths — agriculture, forestry, and fishing (AFF) with 0.4%, industry with 0.4%, and services with 6.9%.