The Philippines’ gross domestic product accelerates by 7.6% in 2022, as holiday consumption and further reopening of businesses boost growth, despite prices of goods rising to 14-year highs. Full story:
accelerated by 7.6% in 2022, as holiday consumption and further reopening of businesses boosted growth despite prices of goods rising to 14-year highs.
The Philippine Statistics Authority on Thursday, January 26, also reported that fourth quarter growth hit 7.2%. It was the seventh consecutive quarter of growth.Among countries in Asia that have reported latest GDP figures, the Philippines grew the fastest, followed by Vietnam with 5.9% growth and China with 2.9%.
Main contributors to the annual growth were wholesale and retail trade, repair of motor vehicles, manufacturing, and construction. Among major economic sectors, agriculture, industry, and services posted growth rates of 0.5%, 6.7%, and 9.2%, respectively.
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