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.