According to the Philippine Statistics Authority (PSA), the Philippine economy grew faster at 7.6 percent in the third quarter than at 7.5 percent in the second quarter. This is higher than the revised gross national product (GDP).
Dennis Mapa, PSA Undersecretary, stated that this was the sixth consecutive quarter of economic growth.
The country’s GDP growth between July and September 2022 was also higher than that of the 7 percent increase over the same period in 2021.
“The third quarter GDP exceeded the median analyst prediction of 6.3 percent,” Secretary Arsenio Balsacan, National Economic and Development Authority (NEDA), stated.
Balisacan stated that the average GDP growth in the first nine months was 7.7 percent.
This means that we are well on our way to meeting the government’s 2022 growth target of 6.5-7.5 percent. He stated that the GDP figures indicate that our economy must grow by 3.3- to 6.9 percent during the fourth quarter.
According to the PSA, all major industries saw an improvement in their performance during the third quarter 2022, as agriculture, fishing, and forestry grew by 2.2 percent, industry rose to 5.8 percent, and services rose by 9.1 percent.
Services contributed 5.8 percent to the 7.6 percent GDP growth in the third quarter. Industry followed at 1.6 percentage points and agriculture, fishing and forestry at 0.2 percentage points.
Wholesale and retail trade, motor vehicle and motorcycle repair contributed 1.9 percentage points to GDP growth during the July-September period. Financial and insurance services were next at 0.77 percentage and construction was last at 0.76 percentage.
The sector of accommodation and food services activities saw a 40.6 percent increase in activity, which is the highest growth rate across all industries. Construction also saw a 24.3 percent increase in transportation and storage.
Balisacan stated that the economic performance was largely influenced by the further ease of mobility. He also mentioned the resumption of face-to-face classes which helped boost consumption among Filipinos.
The NEDA chief stated that relaxation of travel regulations and simplified travel protocols have supported local tourism’s recovery and growth.
Spending is the biggest contributor to GDP in the last quarter, with 5.9 percentage points. This surpasses the share of construction at 1.5 percentage points, durable machinery at 0.7 percentage point, and government final consumption expenditure at 0.1 percent.
Balisacan stated that this turnout indicates that Filipino families are on the verge of resuming pre-pandemic lives, with more people visiting restaurants and hotels and engaging in recreational activities.
He reiterated that Marcos’ administration would continue to address the economic problems faced by Filipinos, particularly the faster rise in the prices of goods.