Philippines posted above-target GDP growth of 7.6% in 2022

The Philippines gross domestic product (GDP) grew by 7.2 percent in the fourth quarter of 2022, resulting in a 7.6 percent full-year growth, according to the Philippine Statistics Authority.

The preliminary figure for 2022 surpasses the government’s target GDP growth range of 6.5 percent to 7.5 percent.

National Statistician Dennis Mapa said in a press briefing that the main contributors to the fourth quarter 2022 growth were wholesale and retail trade and repair of motor vehicles and motorcycles; financial and insurance activities; and manufacturing.