2021 PH GDP grew by 5.6 percent, slightly above target | Inquirer Business

2021 PH GDP grew by 5.6 percent, slightly above target

By: - Reporter / @bendeveraINQ
/ 10:19 AM January 27, 2022

MANILA, Philippines—The Philippine economy grew by 5.6 percent in 2021, above target, following its worst post-World War 2 recession in 2020, the government reported on Thursday (Jan. 27).

National Statistician Dennis Mapa said gross domestic product (GDP) in the fourth quarter of 2021 expanded by 7.7 percent year-on-year, reversing contraction in 2020.


As more productive sectors of the economy reopened from October to December 2021, GDP increased by 3.1 percent compared to third-quarter output.

The full-year growth slightly exceeded the government’s 5 to 5.5 percent goal for 2021.


But economic growth in 2021 also benefited from the record 9.6-percent GDP drop in 2020 as the most stringent COVID-19 lockdowns shed millions of jobs and shuttered thousands of businesses.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: #COVID19PH, economy, GDP growth, Gross Domestic Product, Philippine statistics authority
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.