Economy grows by 7.6%, GDP up by 7.2 % in 4Q

The economy posted a growth of 7.6 percent in 2022, according to the latest data released by the Philippine Statistics Authority (PSA).

On Thursday, the PSA also said GDP grew 7.2 percent in the October to December period in 2022.

PSA said Industry and Services posted positive growths in the fourth quarter of 2022 with 4.8 percent and 9.8 percent, respectively.

However, Agriculture, forestry, and fishing (AFF) posted a contraction of -0.3 percent.

In 2022, AFF, Industry, and Services all posted positive growths with 0.5 percent, 6.7 percent, and 9.2 percent, respectively.

On the demand side, PSA said Household Final Consumption Expenditure (HFCE) grew by 7 percent in the fourth quarter of 2022.

Government Final Consumption Expenditure (GFCE) posted a growth of 3.3 percent; Gross capital formation, 5.9 percent; Exports of goods and services, 14.6 percent; and Imports of goods and services, 5.9 percent were other sources of growth for the quarter.

In 2022, HFCE grew by 8.3 percent; GFCE, 5 percent; Gross capital formation, 16.8 percent; Exports of goods and services, 10.7 percent; and Imports of goods and services, 13.1 percent.

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