Preliminary data from the National Bureau of Statistics show that the digital economy's share of gross domestic product (GDP) fell from 8.6% in 2022 to 8.4% last year, the lowest level since 2018.
In terms of gross value added, the digital industry grew by 7.7% from P1.90 trillion in 2022 to P2.05 trillion last year.
However, this is slower than the annual growth rate of 9.4% in 2022. It was the slowest expansion since an 8.7% contraction in 2020 during the pandemic.
Notably, Philippine e-commerce grew 18.5% year-on-year last year to reach P286.67 billion, accounting for 14% of the overall digital economy.
The e-commerce sector accounts for the largest share of employment in the entire digital industry at 87.3% with 8.45 million people.
