Philippine economy grows 7.6 percent in 2022

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Manila, Philippines – The Philippines’ Gross Domestic Product (GDP) grew by 7.2 percent in the fourth quarter of 2022, resulting to a 7.6 percent full-year growth in 2022, the Philippine Statistics Authority said.

The country’s performance for the final three months of 2022 outpaced the median analyst forecast of 6.8 while the full-year growth exceeded both median analyst forecast and the Development Budget Coordination Committee (DBCC) target range of 6.5% to 7.5%.

Aside from this the Philippines posted the highest Q4 2022 GDP growth among major emerging economies in the region with available Q4 figures, followed by Vietnam at 5.9% and China at 2.9%

In a statement, Usec and National Statistician and Civil Registrar General Dr. Dennis Mapa said that the main contributors to the fourth quarter 2022 growth were Wholesale and retail trade; repair of motor vehicles and motorcycles, 8.7 percent; Financial and insurance activities, 9.8 percent; and Manufacturing, 4.2 percent.

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For annual 2022, the industries that contributed the most to the annual growth were: Wholesale and retail trade; repair of motor vehicles and motorcycles, 8.7 percent; Manufacturing, 5.0 percent; and Construction, 12.7 percent.

Likewise among the major economic sectors, Industry and Services posted positive growths in the fourth quarter of 2022 with 4.8 percent and 9.8 percent, respectively. Meanwhile, Agriculture, forestry, and fishing (AFF) posted a contraction of -0.3 percent. On an annual basis, AFF, Industry, and Services all posted positive growths with 0.5 percent, 6.7 percent, and 9.2 percent, respectively.

Meanwhile on the demand side, Household Final Consumption Expenditure (HFCE) grew by 7.0 percent in the fourth quarter of 2022. Government Final Consumption Expenditure (GFCE), 3.3 percent; Gross capital formation, 5.9 percent; Exports of goods and services, 14.6 percent; and Imports of goods and services, 5.9 percent were other sources of growth for the quarter. In 2022, HFCE grew by 8.3 percent; GFCE, 5.0 percent; Gross capital formation, 16.8 percent; Exports of goods and services, 10.7 percent; and Imports of goods and services, 13.1 percent.

The Gross National Income (GNI) grew by 9.3 percent in the fourth quarter of 2022 and by 9.9 percent for full-year 2022.

Net Primary Income (NPl) from the Rest of the World grew by 57.5 percent during the fourth quarter of 2022 and by 76.4 percent for the annual 2022.