QUEZON CITY, (PIA) –The Philippine economy posted 8.3 percent growth for the first quarter of 2022, according to Philippine Statistics Authority (PSA) data released on Thursday, May 12.
“Having adeptly managed the risks posed by COVID-19, the Philippine economy grew by 8.3 percent year-on-year in the first quarter of 2022,” National Economic Development Authority (NEDA) Secretary Karl Chua said in a joint press statement of Duterte administration’s economic managers.
Chua added that this is a significant reversal from the 3.8 percent contraction in the same period last year which surpassed the pre-pandemic gross domestic product level.
Meanwhile, the PSA identified that the main contributors to the Q1 growth were Manufacturing (10.1%); Whole and retail trade, Repair of motor vehicles and motorcycles (7.3%); and Transportation and storage (26.5%).
Among the major economic sectors, agriculture, forestry, and fishing, industry, and services posted positive growths from January to March 2022.
Agriculture, forestry, and fishing grew with 0.2 percent, industry with 10.4 percent, and services with 8.6 percent.
In terms of demand side, Household Final Consumption Expenditure (HFCE) grew by 10.1 percent.
PSA cited following items that recorded growths: Government Final Consumption Expenditure (3.6%), Gross Capital Formation (20.0%), Exports of goods and services (10.3%), and imports of goods and services (15.6%).
PSA added that the Net Primary Income (NPI) from the rest of the world grew by 103.2 percent bringing Gross National Income to grow by 10.7 percent in the first quarter of 2022.
The NEDA chief also stated that the unemployment rate in March 2022 fell to 5.8 percent while the employment creation is now at 4.4 million above the pre-pandemic level.
“We have restored many jobs and livelihood by shifting to a more endemic mindset, accelerating vaccination, and implementing granular lockdowns that only targeted the areas of highest risk while allowing the majority of our people to work and earn a living,” Chua added. (JMB/PIA-IDPD)