QUEZON CITY, (PIA) --The Philippines’ Gross Domestic Product (GDP) accelerated to 7.6% in 2022, with fourth quarter growth hitting 7.2%, according to the Philippine Statistics Authority.
PSA head Dennis Mapa told a press conference on Thursday that the 2022 gross domestic product (GDP) growth is the highest since 1976.
According to Mapa, the sectors which contributed the most to the growth were wholesale and retail trade, repair of motor vehicles and motorcycles, manufacturing and construction.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the 7.6-percent growth is the fastest among the countries in ASEAN that have released the Q4 data.
“I am pleased to announce that the PH economy’s growth remains robust as the government continues to intensify its efforts to restore the economy to its high-growth trajectory, creating more and better-quality jobs & speeding up poverty reduction,” Balisacan during the press conference.
The pandemic risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds, he said.
“The resumption of face-to-face classes, the boost in the activities of small and large enterprises alike, and the resurgence of local tourism causing ripple effects towards the recovery of all the other sectors affected by the pandemic,” Balisacan said.
The growth in domestic demand was met by expansion in the services and industry sectors, with production in most sub-sectors back to their pre-pandemic levels, Balisacan said, adding the economic growth came with more jobs, resulting in "vibrant labor market conditions," with the country's unemployment rate down to 4.2 percent in November 2022.
"This performance marks our lowest unemployment rate since 2005," he said.
"In terms of the volumes of economic activity for many sectors, we have recovered already, but some others, particularly in the trade, tourism (have yet to recover)," the NEDA chief said.
The country's GDP grew by 5.7 percent in 2021 after the economy contracted 9.6 percent in 2020 due to the pandemic. The government expects the economy to slow down to 6 to 7 percent in 2023 due to global challenges. (pia-ncr)