Philippine Official: E-commerce Grew by 18.5% Year-on-Year Last Year
Jayson 28 Apr 2024 09:15
The Philippine Statistics Authority (PSA) recently reported that the digital economy's annual contribution to the country's economic output declined as growth slowed in 2023.
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.
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.
