Economy grows by 7.6%, GDP up by 7.2 % in 4Q

The financial system posted a progress of 7.6 percent in 2022, in accordance to the latest knowledge released by the Philippine Figures Authority (PSA).

On Thursday, the PSA also mentioned GDP grew 7.2 per cent in the Oct to December interval in 2022.

PSA mentioned Sector and Expert services posted good growths in the fourth quarter of 2022 with 4.8 per cent and 9.8 per cent, respectively.

Even so, Agriculture, forestry, and fishing (AFF) posted a contraction of -.3 per cent.

In 2022, AFF, Business, and Products and services all posted positive growths with .5 %, 6.7 p.c, and 9.2 percent, respectively.

On the demand from customers side, PSA said Household Last Consumption Expenditure (HFCE) grew by 7 % in the fourth quarter of 2022.

Government Remaining Consumption Expenditure (GFCE) posted a development of 3.3 % Gross capital formation, 5.9 % Exports of merchandise and expert services, 14.6 p.c and Imports of goods and services, 5.9 percent ended up other sources of advancement for the quarter.

In 2022, HFCE grew by 8.3 % GFCE, 5 p.c Gross funds formation, 16.8 p.c Exports of goods and providers, 10.7 % and Imports of goods and providers, 13.1 percent.

Image credits: Mdvedwards | Dreamstime.com