MANILA, Philippines — The Philippine economy grew by 5.7 percent in the first quarter of the year despite headwinds on domestic and international fronts, the Philippine Statistics Authority (PSA) said Thursday.

The figure was lower than the 6.4-percent recorded in the previous year.

The main contributors to the growth were financial and insurance activities (10.0 percent), wholesale and retail trade, repair of motor vehicles and motorcycles (6.4 percent), and manufacturing (4.5 percent), the PSA said.

All major economic sectors grew during the period, with agriculture, forestry and fishing, and industry growing 0.4 percent, 5.1 percent, and 6.9 percent, respectively.

During the first three months of 2024, household final consumption expenditure increased by 4.6 percent.

Likewise, government final consumption expenditure, gross capital formation, exports of goods and services, and imports of goods and services grew by 1.7 percent, 1.3 percent, 7.5 percent, and 2.3 percent

During the same period, Gross National Income expanded by 9.7 percent.