Philippines posted above-target GDP growth of 7.6% in 2022

The Philippines’ gross domestic product (GDP) grew by 7.2 percent in the fourth quarter of 2022, resulting in a 7.6 percent full-year growth, according to the Philippine Statistics Authority.

The preliminary figure for 2022 surpasses the government’s target GDP growth range of 6.5 percent to 7.5 percent.

National Statistician Dennis Mapa said in a press briefing that the main contributors to the fourth quarter 2022 growth were wholesale and retail trade and repair of motor vehicles and motorcycles; financial and insurance activities; and manufacturing.

For the full year, the industries that contributed the most to the annual growth were: Wholesale and retail trade, and repair of motor vehicles and motorcycles; manufacturing; and construction.

In 2022, the industry sector grew by 6.7 percent, services sector by 9.2 percent, and agriculture, forestry and fishing sector by 0.5 percent.

Economic Planning Secretary Arsenio Balisacan attributed the stellar fourth-quarter performance to pent up demand following the lifting of pandemic restrictions and full reopening in the last three months of the year.

“We are confident that we will remain in our high growth trajectory,” Baliscan told a media briefing.

He said China’s reopening was sure to be a boon for the Philippine economy, while protecting the purchasing power of Filipinos and ensuring food security would remain priorities for the government.

–With a report from Reuters