PH GDP rebounds by 5.6% in 2021 –PSA
The Philippines’ Gross Domestic Product (GDP) posted a 5.6% full-year growth in 2021, as the economy recorded a 7.7% rise in the last quarter of the year, according to preliminary data by the Philippine Statistics Authority (PSA).
This figure is a high rebound from the record 9.6% contraction in 2020 that was caused by the COVID-19 pandemic and stringent lockdowns in the country.
Socioeconomic Planning Secretary Karl Kendrick Chua said that the latest figures indicate that the “door to economic recovery is now fully open.”
He added that this sends a “strong signal” of the country’s recovery despite the devastation of Typhoon Odette last December.
The PSA also reported that all major sectors posted year-on-year growth in the October to December period.
The industry sector topped the list increasing by 9.5% from -10.6% in 2020, followed by services with 7.9% (from -8%), and agriculture with 1.4% (from -2.5%).
However, economists warned that the growth momentum is unlikely to continue in the first quarter of 2022 due to the Omicron variant.
The government is aiming to achieve a seven to nine per cent GDP growth by the end of 2022.
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