By Katrina Gracia Consebido
The Philippine gross domestic product (GDP) increased by 7.2% in the fourth quarter of 2022, bringing the full year GDP growth to 7.6%, the Philippine Statistics Authority (PSA) reported Thursday, Jan. 26.
The full year growth exceeded the Development Budget Coordination Committee’s 6.5% – 7.5% target range.
“Ito ay mula sa naitalang 7.8% sa parehong quarter noong nakalipas na taon. Ito rin ay ang pangpitong consecutive quarter ng paglago ng ekonomiya mula sa ikalawang quarter ng taong 2021,” Undersecretary Dennis Mapa said, referring to the last quarter growth.
Based on the PSA’s report, the main contributors to the fourth quarter growth are wholesale and retail trade, repair of motor vehicles and motorcycles (8.7%), financial and insurance activities (9.8%), and manufacturing (4.2%).
Wholesale and retail trade, repair of motor vehicles and motorcycles (8.7%), manufacturing (5.0%), and construction (12.7%) drove yearly growth in 2022.
Industry and services grew 4.8% and 9.8%, respectively, in the fourth quarter of 2022, while agriculture, forestry, and fishing (AFF) fell by 0.3%. For the entire year, AFF, industry, and services climbed by 0.5%, 6.7%, and 9.2%, respectively.
Socioeconomic Planning Secretary Arsenio Balisacan said the continued robust growth is in line with the government’s “efforts to restore the economy to its high growth trajectory” and ”improved COVID-19 risk management.”
“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” he said.
Balisacan also noted that the Philippines grew the fastest among emerging economies in the last quarter of last year, surpassing Vietnam and China.
“On a seasonally adjusted quarter basis, the Philippine economy expanded by 2.4%, driven by increased economic activity mainly from pent up demand as the economy reopened in the last 3 months of 2022,” he said.
Household Final Consumption Expenditure (HFCE) rose 7.0 percent in the fourth quarter of 2022. Government Final Consumption Expenditure (GFCE), 3.3 percent; Gross capital creation, 5.9 percent; Exports and imports, 14.6 percent and 5.9 percent, respectively, were additional drivers of growth during the quarter.
The PSA said household final consumption expenditure (HFCE) also rose by 7.0% in the fourth quarter of 2022, government final consumption expenditure (GFCE) by 3.3%, gross capital creation by 5.9%, exports and imports by 14.6% and 5.9%,
Gross national income likewise climbed by 9.3% in the fourth quarter of 2022 and 9.9% for the year. Net primary income from the rest of the world rose 57.5% in the fourth quarter and 76.4% in 2022. –ag
