March 21, 2023

GDP growth in 2022 surpasses target

The Philippines’ gross domestic product (GDP) grew by 7.2 percent in Q4 of 2022, resulting in a 7.6 percent growth for the entire year, according to the Philippine Statistics Authority.

With the government targeting GDP growth in a range of 6.5 percent to 7.5 percent, the initial figures for 2022 surpass the target.

In a press briefing, National Statistician Dennis Mapa said that the industries which contributed to growth in the fourth quarter include manufacturing, financial and insurance activities, wholesale and retail trade, and repair of motor vehicles and motorcycles.

For the entire year, wholesale and retail trade, repair of motor vehicles and motorcycles, manufacturing, and construction were the industries that contributed the most to the annual growth.

Industry sector growth in 2022 was 6.7% while the services sector grew by 9.2%. Meanwhile, the agricultural, forestry, and fishing sector grew by 0.5%.