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Philippines' GDP grew by 7.6% in 2022, beats 2022 GDP target

By 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.

Meanwhile, Government 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 of 2022.

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.