PH registers 7.6% GDP growth, surpasses target

MANILA, PHILIPPINES — Despite a global recession and rising commodity prices, the country’s economy performed well, expanding by 7.6 per cent in 2022, surpassing the government’s set target of 6.5 to 7.5 per cent.

“The sharp increase in commodity prices failed to spoil the Philippines’ economic expansion in 2022, with last year’s growth rate being its strongest since 1976.” Philippine Statistics Authority (PSA) undersecretary Dennis Mapa said. 

“The Philippine Gross Domestic Product (GDP) posted a growth of 7.2 percent in the fourth quarter of 2022, resulting to a 7.6 percent full-year growth in 2022.” he said.

PSA attributed the economy’s strong performance in the final quarter of 2022 to wholesale and retail trade, repair of motor vehicles (8.7 per cent), financial and insurance activities (9.8 per cent), and manufacturing (4.2 per cent). 

For the whole year 2022, PSA noted that the industries which contributed the most to the growth were: wholesale and retail trade; repair of motor vehicles and motorcycles (8.7 per cent), manufacturing (5 per cent), and construction (12.7 per cent).

According to PSA data, the Gross National Income (GNI) grew by 9.3 per cent in the fourth quarter of 2022 and by 9.9 percent for full-year 2022.

Net Primary Income (NPl) from the Rest of the World grew by 57.5% during the fourth quarter of 2022 and by 76.4% for the annual 2022.

“We are happy to receive the news that our growth rate for the year 2022 exceeded all expectations even by the estimates of the international financing institutions and we are holding at 7.6 percent,” President Marcos said in a statement.

“However, for 2023, we still have the problem of inflation which means there is still a problem of certain sectors of society and of the economy, [who] have yet to enjoy the benefits of that growth. And that’s why inflation is something that we are attending to,” the President pointed out.

Marcos said the government is expecting that within the end of the 2nd quarter, the inflation rates, especially for agricultural products will come down.