Philippine GDP climbs to 5.9% in Q3

MANILA, Philippines (Updated 11:07 a.m.) — The Philippines' gross domestic product grew (GDP) to 5.9% in the third quarter of 2023, the Philippine Statistics Authority (PSA) said.

This was faster than the 4.2% GDP growth in the second quarter and also slower than the 7.7% rate during the third quarter of 2022.

According to PSA, the main contributors to the Q3 GDP growth are wholesale and retail trade; repair of motor vehicles with 5.0%; financial and insurance activities with 9.5% and construction with 14.0 %.