The Philippine economy expanded by 7.6 percent in 2022, faster than the 5.7-percent growth registered in 2021, the Philippine Statistics Authority said Thursday.
This also surpassed the government’s growth target of 6.5 percent to 7.5 percent for the year.
National statistician and civil registrar-general Dennis Mapa said the gross domestic product grew 7.2 percent in the fourth quarter, following the 7.6 percent expansion in the third quarter, 7.5 percent in the second quarter and 8.2 percent in the first quarter.
The gross national income also climbed by 9.3 percent in the fourth quarter and by 9.9 percent in the whole of 2022, as net primary income from the rest of the world increased by 57.5 percent in the fourth quarter and by 76.4 percent last year.
“Our robust performance in the fourth quarter reflected strong domestic demand, with three-fourths contributed by household consumption and almost a fifth by investment,” said National Economic and Development Authority Secretary Arsenio Balisacan.
“The improvements in labor market conditions, increased tourism, ‘revenge’ and holiday spending and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” said Balisacan.
The GDP also posted a quarter-on-quarter growth of 2.4 percent in the fourth quarter, led by wholesale and retail trade; repair of motor vehicles and motorcycles, financial and insurance activities and real estate and ownership of dwellings.
Mapa said in an online briefing the economy gained from the strength of the industry and services sectors.
Data showed that on the demand side, household final consumption expenditure grew by 7.0 percent in the fourth quarter. Government final consumption expenditure expanded 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.
The economy is estimated to grow between 6 percent and 7 percent in 2023 amid the continued domestic and external headwinds that might stifle growth.
The government also sees the economy growing between 6.5 percent and 8 percent from 2024 to 2028.