THE PHILIPPINES weathered record inflation and interest rate increases last year by posting the fastest economic growth since 1976 — one of the strongest in Asia amid a dreary global outlook. READ:
ation and interest rate increases last year by posting the fastest economic growth since 1976 — one of the strongest in Asia amid a dreary global outlook.
Among Asian countries that released fourth-quarter gross domestic product growth, the Philippines grew the fastest, followed by Vietnam at 5.9% and China at 2.9%, Mr. Balisacan said.Inflation was one of the major challenges the economy faced last year, Mr. Balisacan said. “If not for the relatively high inflation and high prices, growth could have been higher by another one to two percentage points.
Restaurant and hotel spending contributed the most to household expenditures, having gone up by 24.7% last quarter, National Statistician Dennis S. Mapa told the same briefing. “We saw in the fourth quarter a lot of Filipinos traveling, so more food was consumed outside the household.” Gross capital formation, the investment component of the economy, grew by 5.9% last quarter, though slower than 21.8% in the third quarter and 14.2% a year ago. Full-year growth was 16.8%, slower than 20.3% in 2021.
All sectors grew year on year. Services jumped by 9.2%, industry expanded by 6.7% and agriculture grew by 0.5%.Makoto Tsuchiya, an assistant economist at Oxford Economics, said in an e-mailed note fourth-quarter growth was more resilient than expected after household consumption and exports did better.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PH output grows 7.6% to P22.02TThe Philippines’ gross domestic product grew by 7.6 percent in 2022, the fastest since the 8.8 percent posted in 1976, or 46 years ago, National Statistician Dennis Mapa announced. | RonWDomingoINQ /PDI
Read more »
LinkedIn shares the fastest growing jobs in the Philippines!
Read more »
With music and gifts, Philippines welcomes back Chinese touristsFilipinos in traditional attire on Tuesday played bamboo marimbas and handed out necklaces and gifts to their first Chinese visitors since before the pandemic, seeking to lure back tourists after China’s scrapping of its COVID-19 curbs.
Read more »
Manila Luzon says 'drag in the Philippines is the best in the world'Manila Luzon, "Drag Den Philippines" host aka Drag Lord, said Filipino drag queens are incomparable.
Read more »
![[OPINION] Dignitas laborem: Fighting for dignity of work in the Philippines](https://i.headtopics.com/images/2023/1/25/rapplerdotcom/opinion-dignitas-laborem-fighting-for-dignity-of-w-opinion-dignitas-laborem-fighting-for-dignity-of-w-1618145426615435264.webp?w=640)
[OPINION] Dignitas laborem: Fighting for dignity of work in the Philippines'Only through unions can the dignity of work be reclaimed' Opinion ISpeak
Read more »
New eats: What to expect from Denny's Philippines' 10th branch in BGCAn American diner introduced its signature comfort dishes and breakfast staples to new customers for its sixth year in the Philippine market. Denny's
Read more »