Philippines’ 2022 GDP unchanged at 7.6% 

THE PHILIPINE Statistics Authority (PSA) said on Wednesday it kept the gross domestic product (GDP) growth rate for 2022 and 2021 unchanged. 

PSA data showed GDP — the value of all finished goods and services produced in the country at a given period — rose by 7.6% last year, as initially reported on Jan. 26. This was the fastest economic growth since the 8.8% reading in 1976. 

The 2021 GDP growth was also unchanged at 5.7%. 

However, the PSA revised the fourth quarter 2022 GDP expansion to 7.1%, a tad slower than the 7.2% preliminary estimate. The fourth quarter print was lower than the 7.7% growth in the third quarter of 2022, and the 7.9% print in the same three months in 2021. 

The PSA also maintained the gross national income — the sum of the nation’s GDP and net primary income from the rest of the world — unchanged at 9.9% and 1.7% in 2022 and 2021, respectively. 

There were no changes to the growth in services (9.2%) and agriculture (0.5%) in 2022, but industry sector’s expansion was revised downwards to 6.5% from the 6.7% it initially reported. 

For the fourth quarter, the growth of industry sector was also lowered to 4.6% from the 4.8% previously reported. 

The PSA also downwardly revised the growth rates of following industry subsectors: mining and quarrying (1.8% from 4.2%), manufacturing (3.9% from 5.6%) and construction (6.2% from 6.3%). 

On the expenditure side, growth in government spending was revised to 4.9% in 2022 from 5% preliminary figure. Household consumption growth was unchanged at 8.3% in 2022. 

Also unchanged were government spending and household consumption figures for the fourth quarter. 

For trade in goods and services, the PSA revised the imports growth in the fourth quarter to 7%, from 5.9% previously. Exports growth was unchanged at 14.6% in the fourth quarter. 

On an annual basis, exports growth was revised to 10.9% from 10.7% previously, while imports growth was upgraded to 13.9% from 13.1% previously. 

Gross capital formation, the investment component of the economy was lowered to 13.8% from 16.8% in 2022. For the fourth quarter, gross capital formation growth was downwardly revised to 3.8%, from the preliminary estimate of 5.9%. 

National account revisions are based on approved revision policy, which is consistent with international standard practices, the PSA said. – Abigail Marie Pelea Yraola