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Philippines’ Gross Domestic Product-boosting Priority of NEDA

The National Economic and Development Authority (NEDA) targets a full-year Gross Domestic Product (GDP) growth rate ranging from 6.5% to 7.5% this year.

 

According to the Philippine Statistics Authority’s data from 2023, the country’s GDP stood at nearly 5.6%, reflecting the overall production of goods and the economic performance of the Philippines.

 

Although, this figure represents a decline compared to the 7.6% GDP recorded in 2022, NEDA remains positive about the country’s economic situation and growth prospects.

 

Taking the top spot in contributing to the country’s GDP is the financial and insurance sector, boasting an impressive 11.8% performance rating, followed by the construction sector with a substantial 8.5% contribution.

 

Claiming the third spot is the wholesale and retail trade sector, particularly in motor vehicles and motorcycles, with a total share of 5.2% of the GDP.

 

In this case, NEDA aims for a higher GDP growth rate as the year kicks off, signaling more job opportunities for citizens that will bring broader socio-economic benefits to the Filipino people.

 

Meanwhile, NEDA Secretary Arsenio Balisacan stressed the importance of growing the Philippines’ economic wealth.

 

“Expanding the country’s economic pie by attracting more job-generating investments, ensuring food security to temper inflation, and keep prices affordable urgently addressing growth fundamentals and improving access to quality education so that our children are not left behind, building sustainable communities through game-changing infrastructure projects.”

 

NEDA is confident in achieving its goal as the agency’s plans for the country’s economy this year have been approved by the NEDA Board.

 

~Bonomar C. Apuyod Jr.~

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