By Katrina Gracia Consebido
The Philippine Statistics Authority (PSA) reported Thursday, May 12, that the Philippine gross domestic product (GDP) posted an 8.3% increase in the first quarter of 2022 as the country further eased pandemic restrictions.
The Philippine economy grew by 7.8% in the last quarter of 2022.
According to PSA, manufacturing, wholesale and retail trade; motor vehicle and motorcycle repair and transportation are among the main contributors to GDP’s growth in the first quarter.
The PSA said among the major economic sectors are agriculture, forestry and fishing with 0.2%, 10.4%, and 8.6% growths, respectively.
National Statistician and Civil Registrar General Undersecretary Dennis Mapa said the Household Final Consumption Expenditure grew by 10.1% in the first quarter of 2022.
Government Final Consumption Expenditure (GFCE) also improved 3.6%, gross capital formation at 20%, exports of goods and services at 10.3%, and imports of goods and services at 15.6%.
He also mentioned the “Net Primary Income (NPl) from the Rest of the World grew by 103.2%, bringing the Gross National Income (GNI) to grow by 10.7% in the first quarter of 2022.”
Meanwhile, Malacañang commended the effective approach of the government to secure the safety of the Filipinos from the COVID-19 pandemic while continuously providing livelihood.
“ This is a testament of how effective the approach of the administration is in ensuring our people’s safety from COVID-19 while giving the public the opportunities to alleviate hunger and joblessness,” Acting Presidential Spokesperson Martin Andanar said. –ag