Finance Secretary Benjamin Diokno welcomed the Philippines’ third quarter economic performance, which posted a gross domestic product (GDP) growth of 7.6 percent amid current domestic and international headwinds.
“With an average economic growth of 7.7 percent in the first three quarters of 2022, we are on track to achieving the DBCC growth assumption of 6.5 to 7.5 percent for 2022,” said Secretary Diokno.
The Philippine economy grew faster than Indonesia and Singapore for the first three quarters of 2022.
All major production sectors registered positive growth, suggesting a broad-based expansion despite the increase in international and domestic commodity prices.
In particular, growth in the services sector (9.1 percent) was driven by trade and financial and insurance activities, while construction and manufacturing fueled growth in the industry sector (5.8 percent).
Government support to agriculture led to a boost in agricultural output (2.2 percent), driven by higher volume of poultry, livestock, and crop production. This ultimately balanced the decline in fisheries production.
Domestic demand likewise expanded. Household Final Consumption Expenditure (HFCE) grew by 8.0 percent in the third quarter of the year, fueled by the continuous recovery of the domestic economy and strong labor market conditions. Gross capital formation grew by 21.7 percent, driven by private construction, investment in durable equipment and public construction.
Meanwhile, exports and imports of goods and services grew by 13.1 and 17.3 percent, respectively.
Last November 9, 2022, the Philippine Statistics Authority (PSA) revised the second quarter’s GDP growth rate from the preliminary estimate of 7.4 percent to 7.5 percent.