PH GDP up 8.3% in Q1 following easing of restrictions
The Philippine Gross Domestic Product (GDP) posted an 8.3% growth in the first quarter of 2022, following the government’s move to ease pandemic restrictions and open the country’s borders to foreign travelers.
This latest figure is higher than Q4 2021’s 7.8%, marking a great turnaround and recovery of the economy after the contractions caused by the COVID-19 pandemic.
According to data released by the Philippine Statistics Authority (PSA), the main contributor to this increase is the transportation and storage industry with 26.5%.
This is followed by the manufacturing industry with 10.1%, wholesale and retail trade with 7.3%, as well as the repair of motor vehicles with 7.3%.
Meanwhile, among the major economic sectors, the forestry, fishing, and agriculture segments all posted positive growths with 10.4%, 8.6%, and 0.2% respectively.
Household consumption also grew by 10.1% after alert levels were downgraded in the country’s key cities. Government expenditures also rose by 3.6%, as expected, due to the rigorous campaign period for the national elections.
Furthermore, the Philippines’ Net Primary Income (NPl) to the Rest of the World grew by 103.2%, upgrading the Gross National Income (GNI) to 10.7% in the first three months of the year.
