Filipino families ‘closer to pre-pandemic life’ as GDP grew 7.6% in Q3

The Philippine economy grew by 7.6 percent in the third quarter of 2022, faster than 7 percent in the same period of 2021 and 7.5 percent in the second quarter this year, according to the Philippine Statistics Authority.

National Statistician Dennis Mapa said the country’s output of goods and services grew for the sixth quarter in a row.

Before that, Philippine GDP suffered five consecutive quarters of decline — from -0.7 percent in the first quarter of 2020 at the onset of the pandemic, bottoming at -16.9 percent in the second quarter that year, until -3.8 percent in the first quarter of 2021.

In July to September this year, all the three major economic sectors showed growth — agriculture (2.2 percent), industry (5.8 percent), and services (9.1 percent).

In particular, wholesale and retail trade businesses (up 9.1 percent) was among the main contributors along with financial and insurance activities (7.7 percent), and construction, (12.2 percent).

Economic Planning Secretary Arsenio Balisacan said the latest readout places the Philippines second in the region after Vietnam (13.7 percent) and ahead of Indonesia (5.7 percent) in terms of economic growth.

“This turnout signifies that Filipino families are close to returning to pre-pandemic life, as more people visit restaurants and hotels and engage in recreational activities within the country,” Balisacan said.