GDP growth in Q4 2022 revised downward to 7.1 percent

MANILA, Philippines — The Philippine economy expanded at a slightly slower pace in the fourth quarter last year than initially reported, the Philippine Statistics Authority (PSA) said.

“The fourth quarter 2022 gross domestic product (GDP) growth rate was revised downward to 7.1 percent from 7.2 percent,” the PSA said.

Meanwhile, it said full-year 2022 and 2021 growth rates were maintained at 7.6 percent and 57 percent, respectively.

The PSA said GDP estimates are adjusted based on an approved revision policy in line with international standard practices on national accounts revisions.

Earlier, National Economic and Development Authority Secretary Arsenio Balisacan said the country’s economy continues to be driven by consumption and services.

He said the reopening of the economy has been critical to the strong economic performance last year as businesses forced to close due to the pandemic, particularly those in the tourism, retail, transportation, logistics and education sectors, resumed operations.

For this year, the government has set a GDP growth target of six to seven percent.

The government is banking on both consumption and investments to fuel the country’s growth this year and next.

Balisacan said addressing high inflation remains a priority for the government given the threat it poses to the growth outlook.

The PSA is set to report the country’s first quarter GDP performance on May 11.