President Ferdinand R. Marcos Jr.’s good economic stewardship resulted in the Philippines posting 7.6 percent full-year growth in 2022, the highest in 46 years since the country recorded 8.8 percent growth in 1976.
The Philippine Gross Domestic Product (GDP) posted a growth of 7.2 percent in the fourth quarter of 2022, resulting in a 7.6 percent full-year growth in 2022, the Philippine Statistics Authority (PSA) said in its report on Thursday.
The PSA said that among the main contributors to the 4th quarter 2022 growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 8.7 percent; financial and insurance activities, 9.8 percent; manufacturing, 4.2 percent.
Among the major economic sectors, Industry and Services posted positive growths in the 4th quarter of 2022 with 4.8 percent and 9.8 percent, respectively, according to the PSA.
The industries which contributed the most to the annual growth were: wholesale and retail trade; repair of motor vehicles and motorcycles, 8.7 percent; Manufacturing, 5.0 percent; and Construction, 12.7 percent.
In a statement, Socioeconomic Planning Secretary Arsenio Balisacan said the Philippine 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 and speeding up poverty reduction.
The administration’s improved COVID-19 risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds.
“We have drawn upon the lessons gained almost three years into the COVID-19 pandemic,” said Balisacan, who heads the National Economic and Development Authority (NEDA).
“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” Balisacan pointed out.
Meanwhile, the PSA said agriculture, forestry, and fishing (AFF) posted a contraction of -0.3 percent in the 4th quarter, while on an annual basis, AFF, Industry, and Services all posted positive growths with 0.5 percent, 6.7 percent, and 9.2 percent, respectively.
On the demand side, Household Final Consumption Expenditure (HFCE) grew by 7.0 percent in the 4th quarter of 2022, according to PSA.
The Government Final Consumption Expenditure (GFCE), on the other hand, is at 3.3 percent; Gross capital formation, 5.9 percent; Exports of goods and services, 14.6 percent; and Imports of goods and services, 5.9 percent, were other sources of growth for the quarter.
In 2022, HFCE grew by 8.3 percent; GFCE, 5.0 percent; Gross capital formation, 16.8 percent; Exports of goods and services, 10.7 percent; and Imports of goods and services, 13.1 percent.
The country also posted a 9.3 percent growth in Gross National Income (GNI) in the fourth quarter of 2022, and 9.9 percent for the full-year of 2022.