NextGen Day

The third quarter’s 7.6 percent growth rate for the Philippine economy was higher than the second quarter’s revised 7.5 percent GDP growth rate, according to a report released on Thursday by the Philippine Statistics Authority (PSA).

PSA Undersecretary Dennis Mapa stated during a news conference that the economy has expanded for six straight quarters.

The country’s GDP expanded by more than 7% between July and September 2022 compared to the same time period in 2021.

According to Arsenio Balisacan, secretary of the National Economic and Development Authority (NEDA), “the third quarter’s GDP beat the median analyst projection of 6.3 percent.”

According to Balisacan, the average GDP growth rate for the year’s first nine months was 7.7 percent.

With this, the government’s growth objective of 6.5 to 7.5 percent for 2022 is on course to be met. Our economy needs to increase by 3.3 to 6.9 percent in the fourth quarter, according to the most recent GDP results, he stated.

According to the PSA, all major industries had an improvement in performance in the third quarter of 2022 compared to the same time in the previous year, with services expanding by 9.1 percent, industry increasing by 5.8 percent, and agriculture, forestry, and fishery increasing by 2.2 percent.

Services made up the majority (5.8 percentage points) of the third quarter’s 7.6 percent GDP growth, followed by industry (1.6 percentage points) and agriculture, forestry, and fisheries (0.2 percentage points).

Automobile and motorcycle maintenance contributed 1.9 percentage points to the GDP increase in the wholesale and retail sector from July to September, followed by financial and insurance services (0.77 percentage points) and construction (0.76 percentage points).

The highest growth across industries occurred in the sector of lodging and food service activities, which increased by 40.6 percent compared to last year. Construction climbed by 12.2 percent while transportation and storage improved by 24.3 percent.

The additional easing of mobility, including the return of in-person instruction, which increased consumption among Filipinos, was a major factor in this economic performance, according to Balisacan.

The NEDA head continued by saying that opening up borders and streamlining travel procedures has aided in the revival and expansion of the local tourism industry and other industries.

In terms of expenditures, households’ final consumption expenditure made up 5.9 percentage points of GDP in the preceding quarter, outpacing the shares of construction’s 1.5 percentage points, durable goods’ 0.7 percentage points, and the government’s 0.1 percentage points.

More individuals visiting restaurants and hotels and taking part in leisure activities domestically, according to Balisacan, “indicates that Filipino families are near to returning to pre-pandemic life.”

He reaffirmed that the Marcos administration would keep working to address the country’s economic problems, particularly poverty and the nation’s rapid rise in prices for goods and services.

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