The Philippine Statistics Authority (PSA) announced Thursday (Jan. 27) a 7.7% growth in the country’s gross domestic product (GDP) in the fourth quarter of 2021, bringing the full year economic growth to 5.6%.
The PSA said among the main contributors of the fourth quarter growth are manufacturing, wholesale and retail trade, repair of motor vehicles and motorcycles, and construction.
KAPAPASOK NA BALITA: Ekonomiya, lumago ng 7.7% noong ika-apat na quarter ng 2021 mula sa 6.9% noong ikatlong quarter, ayon sa Philippine Statistics Authority (PSA). | via Naomi Tiburcio pic.twitter.com/2iYWoDqKOs
— PTVph (@PTVph) January 27, 2022
“The same industries also contributed the most to the annual growth,” PSA said, noting that manufacturing had an 8.6% contribution, wholesale and retail trade, repair of motor vehicles and motorcycles with 4.3%; and construction with 9.8%.
“Among the major economic sectors, agriculture, forestry and fishing, industry and services all posted positive growths in the fourth quarter,” it added.
Moreover, Household Final Consumption Expenditure (HFCE) grew by 7.5% in the last quarter.
In a statement, Malacañang said it views the recent development in the GDP figures “as evidence of the strength and resilience of the Philippine economy, which continues to beat expectations despite the challenges brought about by the COVID-19 pandemic and natural calamities like Typhoon Odette.”
The Palace commended the country’s economic team for its economic management “through these turbulent times” and expressed appreciation to the public’s contribution “and faith in the leadership of President Rodrigo Roa Duterte during this challenging period.”
“We will continue to pursue policies and reforms as we rebuild a stronger economy, one wherein every Filipino enjoys a safe, healthy and comfortable life,” Cabinet Secretary Karlo Nograles said in his statement.
Meanwhile, the official reiterated the call for the passage of the Public Service Act, the need to support the proposed Livestock Development and Competitiveness Bill, and the implementation of the Philippine Innovation Act. -ag
