On Thursday, the Philippine Statistics Authority reported that the country’s gross domestic product (GDP) at an annual rate of 7.2% in the fourth quarter, surpassing markets’ expectations.
A Reuters poll of economists predicted a 6.5% annual GDP growth for the final three months of 2022. In the third quarter, expansion was 7.6%.
Secretary of Economic Planning Arsenio Balisacan said that the strong performance in the fourth quarter was due to pent-up demand that was released once the government reopened the economic activity entirely and pandemic curbs were lifted.
He stated that China’s reopening would be a boost to the Philippine economy, although protecting Filipinos’ purchasing power and maintaining food security would remain government priority.
Annual growth in 2022 was 7.6%, which was above the government’s target range of 6.5 to 7.5% and higher than the 5.7% growth seen the year before.
The official GDP growth target for 2023 has been set at between 6% and 7%.