Provisional real quarterly gross domestic product growth rate (QGDP) including Oil and Gas, by the production approach, is 4.9% (year on year) in the first quarter of 2020.
In the same period in 2019, the growth was 6.7%.
The GDP growth rate without oil and gas (Non-Oil GDP) for the first quarter of 2020 is 4.9% which compares to the same period in 2019 with a growth rate of 6.0%.
The Fishing sub-sector recorded the highest year-on-year growth rate of 14.1% while the Forestry and logging sub-sector recorded the lowest, with a contraction (-7.1%).
The year-on-year quarterly GDP growth rate for the Industry sector is 1.5% for 2020Q1.
The Electricity sub-sector recorded the highest year-on-year quarterly GDP growth rate of 17.1% for 2020Q1, while the construction sub-sector recorded the lowest, with a contraction (-6.9%).
GDP highlights
The Q1 2020 GDP at current prices was estimated at ¢92,487 million. The corresponding value recorded for Q1 2019 was ¢84,850.6 million.
In constant terms, the Q1 2020 GDP was estimated at ¢42,483.3 million. For Q1 2019, the estimated value was ¢40,495.9 million.
The year-on-year quarterly GDP (Oil) growth rate for Q1 2020 was 4.9% compared to the 6.7% recorded for Q1 2019.
The year-on-year quarterly GDP (Non-Oil) growth rate for Q1 2020 was 4.9% compared to the 6.0% recorded for Q1 2019.
Information and Communication sub-sector is the main driver of GDP growth rate for Q1 2020
The quarter-on-quarter GDP growth rate (seasonally adjusted) for Q1 2020 was 1.2%. The rate recorded for the first quarter of 2019 was also 1.6%.
Comments