The Philippine economy is booming! According to data released by the statistics agency on Thursday, the country’s GDP grew at an impressive annual rate of 7.2% in the fourth quarter of 2022, outperforming expectations of a 6.5% rise. This is especially remarkable considering that the third quarter of the same year witnessed a 7.6% growth rate.
This strong performance builds on the already robust 7.6 % growth seen in the third quarter, and marks a continuation of the Philippines’ upward trajectory. On a quarter-on-quarter basis, GDP came in at 2.4%, surpassing predictions of a 1.5% rise and outpacing the previous quarter’s growth of 2.9%.
This impressive showing has led to a full-year growth of 7.6% for 2022, surpassing the government’s target range of 6.5 to 7.5% and surpassing the previous year’s expansion of 5.7%. This robust performance is a testament to the Philippines’ resilience and strength in the face of a global economic downturn.
The country’s strong economic performance has attracted foreign investment and created jobs, helping to reduce poverty and improve the standard of living for many Filipinos. As one of the fastest-growing economies in Southeast Asia, the Philippines is well-positioned to play a key role in driving regional economic growth and stability.
The Philippines economy had an impressive fourth quarter, with GDP growing at an annual rate of 7.2%. This strong performance beat expectations and was driven by a resurgence in consumer spending and government investment. The country’s GDP also saw a quarter-on-quarter growth of 2.4%, surpassing predictions and showing continued momentum heading into the new year. For the full year of 2022, the Philippines’ economy recorded a growth of 7.6% surpassing the government’s target and indicating a strong rebound from the previous year’s 5.7% expansion.