(Eagle News) — Philippine economic growth accelerated by 7.6% in the third quarter of 2022.
According to the Philippine Statistics Authority, the 7.6% growth reported in the July and September period is faster than the 7.5% growth reported in the second quarter.
The PSA said the main contributors to the third quarter growth were the following:
- Wholesale and retail trade
- Repair of motor vehicles and motorcycles, 9.1 percent
- Financial and insurance activities, 7.7 percent
- Construction, 12.2 percent.
The major economic sectors also saw positive growth.
Agriculture, forestry, and fishing posted a 2.2 percent growth; Industry, a 5.8 percent growth; and Services a 9.1 percent growth.
On the demand side, the PSA said Household Final Consumption Expenditure (HFCE) grew by 8.0 percent in the third quarter of 2022.
The following items 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.
