The country’s Gross Domestic Product (GDP) went down to 7.4% in the second quarter of 2022, according to the Philippine Statistics Authority (PSA).
According to PSA, it was lower than the previous 8.2% growth recorded in the first quarter of 2022 and the 12.1% recorded in the same quarter of 2021.
Due to inflation and escalating interest rates, economic managers forecast GDP growth between 6.5 to 7.5% in 2021 instead of seven to 8%.
Meanwhile, the National Economic and Development Authority (NEDA) assured that the country’s economy will eventually recover after being badly hit by the COVID-19 pandemic.
“For the remainder of the year, we must apply the same or even better risk management protocols and protect the most vulnerable against high inflation and other shocks and scarring due to Covid-19” NEDA Secretary Arsenio Balisacan said.
The agriculture, forestry, and fishing industries and services are the major economic sectors that grew by 0.2%, 6.3%, and 9.1%.
The GDP is the measure of the economic progress of the country which could indicate more jobs and high salaries. —Report from Gillian Geronimo/KC-gb
