grew by 7.6% in 2022, beats 2022 GDP target
DTI-OSEC-Public Relations Unit
January 27, 2023
MAKATI CITY – The
Philippine government's sustained economic recovery efforts and the
Department of Trade and Industry's (DTI) continuous investment
facilitation has resulted to 7.2 percent Gross Domestic Product
(GDP) growth for the fourth quarter of 2022, resulting to a 7.6
percent full-year growth for the said year, based on the recent data
from the Philippine Statistics Authority (PSA).
"This annual GDP growth
can be attributed to the contributions of various industries,
especially wholesale and retail, as well as manufacturing. This
serves as a testament to the efficiency of our efforts to facilitate
the entry of more investments in the country and our
industrialization strategy that aims to empower local industries and
increase our global competitiveness", Trade and Industry Secretary
Fred Pascual boasted.
Based on the report, the
fourth quarter GDP growth was mainly influenced by the following top
contributors: (1) Wholesale and retail trade; repair of motor
vehicles and motorcycles at 8.7 percent, (2) Financial and insurance
activities at 9.8 percent, and (3) Manufacturing at 4.2 percent. On
the other hand, top contributors for the annual growth in 2022 were:
(1) Construction at 12.7 percent, (2) Wholesale and retail trade;
repair of motor vehicles and motorcycles at 8.7 percent, and (3)
Manufacturing at 5.0 percent.
Further, Secretary Pascual
said that "we are keen to sustain this growth, that is why we are
intensifying DTI's investment facilitation activities. During
President Ferdinand R. Marcos Jr.'s previous state visits, we have
managed to meet several potential investors, some of them are
already in active discussions with our Philippine Trade and Industry
Centers abroad or the Board of Investments."
"Our GDP will continue to
grow as more and more investors come to the Philippines to explore
business opportunities. We keep on with work on ease of doing
business to attract more investors." he added.
In addition, among major
economic sectors, Industry (4.8 percent) and Services (9.8 percent)
posted positive growths during the fourth quarter of 2022. On the
demand side, PSA mentioned Household Final Consumption Expenditure (HFCE),
which grew by 7.0 percent in the fourth quarter of 2022.
Final Consumption Expenditure (GFCE) at 3.3 percent, Gross capital
formation at 5.9 percent, Exports of goods and services at 14.6
percent, and Imports of goods and services at 5.9 percent were
considered by PSA as other sources of growth for the fourth quarter
As a further testament to
the robust economic performance of the country, the Philippines also
posted 9.3 percent Gross National Income (GNI) growth in the fourth
quarter of 2022, and 9.9 percent on full-year.