Business News Asia
The Philippine National Statistics Office (PSA) has announced that the country’s gross domestic product (GDP) grew by 7.2% in the fourth quarter of 2022. This growth rate exceeded analysts’ expectations of 6.5% and marks an increase from the 7.6% growth seen in the third quarter of 2022.
On a quarterly basis, GDP in the fourth quarter of 2022 grew by 2.4%, surpassing the 1.5% growth forecast by analysts, but falling short of the 2.9% growth seen in the previous quarter.
For the full year of 2022, GDP growth reached 7.6%, surpassing the government’s target range of 6.5-7.5% and surpassing the 5.7% growth seen in 2021.