Philippine Q4 GDP in 2022 revised down

MANILA, Philippines — The domestic economy’s growth rate in the final quarter of 2022 was revised downward, per the Philippine Statistics Authority on Wednesday.

In a statement, the PSA revised the Philippine economy’s gross domestic product in the fourth quarter to 7.1% from the previous 7.2%. 

It kept the annual growth rates for 2021 and 2022 at 7.6% and 5.7%, respectively.

The revisions were in-line with standard practices globally. 

As it is, much of the growth in 2022 was anchored by resurgent consumer spending, as a result of the domestic economy’s reopening. This in turn fueled existing supply shortages that worsened inflationary pressures that sapped the public’s purchasing power.

Growth in 2021 largely benefitted from the sheen of low base effects, as the economy contracted from strict lockdown measures implemented to contain the spread of virus contagion in 2020. — Ramon Royandoyan