Philippine economy grows at 7.2% rate in Q4 2022, higher than expected

• The Philippine economy grew 7.2% annually in the fourth quarter of last year.
• GDB increased by 2.4% on a quarterly basis.
• 2022’s growth was higher than that of 2021.

The statistics office said on Thursday that the Philippine economy expanded at an annual pace of 7.2% in the fourth quarter, surpassing estimates.

According to a poll of economists, the gross domestic product (GDP) was forecast to increase by 6.5% from a year earlier in the final three months of 2022. Growth in the third quarter was 7.6%.

On a quarterly basis, GDP increased by 2.4% from October to December, above forecasts of a 1.5% increase and the 2.9% growth of the prior quarter.

Growth in 2022 as a whole was 7.6%, higher than the government’s planned range of 6.5 to 7.5% and higher than the 5.7% growth in 2021.

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