Construction posts highest growth rate in Q2 at 25.7%

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THE construction sector is one of the major contributors to the country’s second quarter growth together with manufacturing, wholesale and retail trade as well as repair of motor vehicles and motorcycles.

Construction posted the highest growth rate for the quarter at 25.7 percent followed by manufacturing at 22.3 percent. Other industry sectors which recorded positive growth were electricity, stream, water and waste management at 9.8 percent and mining and quarrying with 0.8 percent.

The country’s gross domestic product (GDP) posted an 11.8 percent growth in the second quarter of 2021.

Among the major economic sectors, industry recorded the fastest growth at 20.8 percent. This was followed by services with a growth of 9.6 percent. Agriculture, hunting, forestry and fishing (AHFF) registered a negative 0.1 percent growth.

The construction sector substantially contributed 69.6 percent to overall capital investments or gross capital formation in the country. Its share to GDP by expenditure is equivalent to 16.6 percent. Amid the pandemic, the construction industry placed second with 1.7 percent points as one of the top contributors to GDP growth for the second quarter of 2021, together with manufacturing which had 3.9 percentage points and wholesale and retail trade with 1.0 percentage points.

The share of construction to total employment of 45.075 million as of June 2021 was equivalent to 9.6 percent. The construction industry continues to provide job opportunities, employing on the average a total of 4.337 million workers. (KOC with PR)

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