The Philippine economy expanded in 2022 by 7.6 percent, exceeding the government’s target and thus far the fastest growth among emerging Asian economies, helped by strong consumer consumption amid a so-called “revenge spending” and a robust services sector.
In the fourth quarter alone, gross domestic product rose 7.2 percent year-on-year, extending a growth trajectory for a seventh quarter in a row on the back of strong performances delivered by wholesale and retail trade, financial services, and manufacturing.
“Our improved COVID-19 risk management and easing of mobility restriction have created positive economic outlook, boosting economic activity and creating more jobs despite external headwinds.”
Economic Planning Secretary Arsenio Balisacan
“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous and resilient society by 2028,” he added.
Balisacan said the 2022 growth exceeded the 6.5 percent to 7.5 percent target of the government for the year. “Among the major emerging economies in the region that have released their fourth quarter real GDP growth, the Philippines grew the fastest followed by Vietnam at 5.9 percent and China at 2.9 percent,” he said.
National Statistician Dennis Mapa told the news conference that based on the 2018 data series, the economic expansion last year was the fastest since 1976.
The strong growth delivered by industry and services sectors—4.8 percent and 9.8 percent, respectively—more than offset the 0.3 percent contraction in the agriculture, forestry and fishing sectors.
Gross national income surged 9.3 percent in the fourth quarter and by 9.9 percent in the whole of 2022 as net primary income from abroad surged 57.5 percent and 76.4 percent in the fourth quarter and the whole of 2022, respectively.
Consumer spending in the fourth quarter rose 7.0 percent while government spending was up 3.3 percent.
