PSA: Philippine economic growth rate maintained at 7.6% in 3rd quarter of 2022

(Eagle News) — The Philippines’ economic growth rate in the third quarter of 2022 is still at 7.6%, Philippine Statistics Authority data showed.

This is the same growth rate reported initially in November last year.

According to the PSA, although this is the case, “changes were observed in all industries except Public administration and defense; compulsory social activities.”

The PSA said the main contributors to the third quarter 2022 growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 9.1 percent; financial and insurance activities, 7.7 percent; and construction, 12.2 percent.

Meanwhile, major economic sectors like agriculture, forestry, and fishing, Industry, and services posted positive growths in the third quarter of 2022.

The PSA said these were at 2.2 percent, 5.8 percent, and 9.1 percent, respectively.

“On the demand side, Household Final Consumption Expenditure (HFCE) grew by 8.0 percent in the third quarter of 2022,” the PSA added.

The PSA said the following also recorded growths:

  • Government Final Consumption Expenditure (GFCE), 0.8 percent
  • Gross capital formation, 21.7 percent
  • Exports of goods and services, 13.1 percent
  • Imports of goods and services, 17.3 percent.

“Net Primary Income (NPl) from the Rest of the World grew by 94.6 percent bringing the Gross National Income (GNI) to grow by 10.5 percent in the third quarter of 2022,” the PSA said.