Construction Market Quarterly Update contains data from Third Quarter of 2023, in which the Philippine Gross Domestic Product (GDP) posted a growth of 5.9 percent.
Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Financial and Insurance Activities; and Construction were the main contributors of growth for the quarter.
Construction grew by 12.4 percent during the period, compared with the 11.4 percent growth in the same quarter of the previous year. The preliminary data released by the Philippine Statistics Authority (PSA), indicates an annual decrease of 18.1 percent. Total number of constructions reached 37,845 in the third quarter of 2023 compared to 46,225 recorded in the same period in 2022.
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