5.6% Growth Rate, naitala sa huling bahagi ng 2023
5.6% Growth Rate, naitala sa huling bahagi ng 2023;
Pilipinas, nananatiling isa sa “best performing economies’ sa asya ayon sa NEDA
Pilipinas, nananatiling isa sa “best performing economies’ sa asya ayon sa NEDA
Transcript
00:00 The country's economy grew by 5.6% in the last quarter of 2023.
00:06 According to NEDA, even though it is lower than their target,
00:10 the Philippines remains one of the best performing economies in Asia.
00:15 Sujin Kim has the details.
00:17 Alberto is a food service worker in a canteen in Manila.
00:24 He is happy that the economy grew and that there are more people with jobs.
00:30 I have a job in the food industry.
00:36 The number of unemployed people is decreasing.
00:40 We are happy because there are more people who will be able to make a living.
00:44 Many people will not be hungry and will have jobs.
00:49 However, Emer says he does not feel that his livelihood has improved.
00:54 He has a lot of competencies in his job.
00:58 It is still hard.
01:05 Maybe it would be better if they would reduce the price of diesel and gasoline
01:10 so that we can earn money.
01:13 Maybe we should reduce the price of everything so that it will be better.
01:19 The National Economic Development Authority or NEDA
01:23 reported the overall economic situation in the last three months.
01:28 The growth rate or gross domestic product or GDP increased by 5.6%.
01:33 Today, we are pleased to see that our economy has sustained its growth,
01:38 expanding by 5.6% in the fourth quarter of 2023.
01:45 While this growth is below our target of 6% to 7% for 2023,
01:51 it keeps us in the position of being one of the best-performing economies in Asia.
01:56 Among those that have already released their quarter 4, 2023 GDP growth figures,
02:02 we followed Vietnam with 6.7% while surpassing China 5.2% and Malaysia.
02:10 More importantly, our full year GDP for 2023 is now 8.6% higher than pre-pandemic levels.
02:21 It is slower compared to the growth we had in 2022.
02:25 The biggest contributor to the growth or increase of GDP is the service industry
02:31 which has the largest contribution of 4.5 percentage points.
02:35 The biggest contributor to the growth of the industry is financial and insurance activities,
02:41 followed by wholesale and retail of motor vehicles.
02:45 We welcome the robust growth in spending for restaurants and hotels, transport and recreation,
02:51 reflecting the improvements in the labor market and steady growth in remittances.
02:57 In expenditure or overall spending, the household expenditure is still the biggest,
03:03 followed by construction and thirdly, durable equipment.
03:07 It is proven that the household expenditure for the fourth quarter grew faster than the third quarter.
03:14 It is up to NEDA to increase the food price due to inflation.
03:19 NEDA Secretary Arsenio Balisacan insisted that the food price must be balanced.
03:25 According to NEDA, it is important to pay attention to the streamlining of police
03:30 and the implementation of ease of doing business to make the country's population more active.
03:36 The double-digit growth of the construction sector was maintained.
03:40 The result is the Build Better More Program and Pambansang Pabahay for Filipinos.
03:45 The export sector also slowed.
03:48 According to NEDA, the Philippine Development Report or PDR will be released today.
03:53 Here, you can see the evaluation of the programs and police in 2023
03:58 under the administration of President Ferdinand R. Marcos Jr.
04:02 The outlook for the Philippines is active this 2024.
04:06 It ranks second in the highest among the emerging economies,
04:09 where India is leading with a 6.5 rating and the Philippines is approaching 6.0.
04:15 Sujin Kim, for the Morning Show of the City, Rise and Shine, Philippines!