Bilyonaryo - Business

Beyond expectations! Revenge spending lifts Q4 2022 GDP to 7.2%

January 26, 2023

Bilyonaryo.com

The Philippine economy grew 7.2 percent in the fourth quarter of 2022 on the back of robust “revenge spending” on travel and holiday-related goods.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan reported 2022 gross domestic product growth at 7.6%, a tad above the government’s 6.5-7.5% target for the year.

“The improvements in labor market conditions, increased tourism, ‘revenge’ and holiday spending, and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” Balisacan said Thursday, January 26.

All industries reported growth except agriculture, he added, with the marked decline in local harvests including onions,

The uptrend is expected to continue well into 2023.

“With the resumption of face-to-face classes, the boost in the activities of small and large enterprises alike, and the resurgence of local tourism causing ripple effects towards the recovery of all the other sectors affected by the pandemic, we are confident that we will remain on our high-growth trajectory,” Balisacan said.

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