According to Nikkei, the Philippines’ GDP grew by 7.6% in 2022. This growth exceeded the government’s target as domestic consumption remained stable despite high inflation.

According to Nikkei, the Philippines’ GDP grew by 7.6% in 2022. This growth exceeded the Government’s target as domestic consumption remained stable despite high inflation.

Government data released by the Philippine government showed that gross domestic product growth was faster than the 5.7% recorded in 2021 and exceeded the government’s forecast of 6.5% to 7.5%.

National Economic and Development Authority Minister Arsenio Balisacan said: “The growth in domestic demand was driven by expansion in the service and industrial sectors, in addition, manufacturing in most of the country sub-sectors have returned to pre-pandemic levels”.

Philippines announced growth results in 2022: Is it higher or lower than Vietnam, Singapore?Philippines announced growth results in 2022: Is it higher or lower than Vietnam, Singapore?

Accommodation and catering services recorded the fastest growth with 31.8%, after the Government fully reopened the economy and lifted restrictions during the pandemic.

In the fourth quarter of 2022, the Philippines’ GDP grew 7.2%, slower than the 7.8% in the same period in 2021 but still faster than the average forecast of 6.5% by Reuters.

Regarding inflation, Mr. Balisacan said: “Currently high inflation will affect Q1 and Q2/2023; that’s why we’ve reduced our growth forecast for 2023 to 6% to 7%.”

Philippine inflation in December briefly hit a 14-year high of 8.1%, bringing the full-year average at 5.8%.

Earlier, according to Singapore’s Ministry of Trade and Industry (MTI), thanks to the lifting of restrictions due to the COVID-19 pandemic, Singapore’s GDP grew by 3.8% in 2022.

Accordingly, Singapore’s GDP growth in 2022 is lower than the growth figure of 7.6% in 2021. The reason is that Singapore has witnessed a decline in exports in the context of external demand especially from China became weak.

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Particularly in the fourth quarter of 2022, Singapore’s GDP growth reached 2.2%, lower than 4.2% in the third quarter of 2022. Specifically, all sectors grew compared to the same period last year, except for the manufacturing sector, which decreased by 3%. Besides, the construction sector grew by 10.4% in the fourth quarter of 2022; the service sector increased by 4.1%.

Last year, Singapore became one of the first countries in Asia to lift restrictions caused by the COVID-19 pandemic, benefiting the aviation and tourism-related sectors. However, rapidly rising food and energy prices have prompted the Central Bank of Singapore to implement a series of tightening monetary policy measures to curb inflation.

With headwinds forming as export demand continues to weaken, especially for electronics, and concerns about a potential recession in advanced economies, experts predict growth Singapore’s economy will slow down in 2023, at between 0.5% – 2.5%.

At the end of 2022, the report on the socio-economic situation in the fourth quarter of 2022 and the whole year of 2022 of the General Statistics Office shows that Vietnam’s GDP in 2022 is estimated to increase by 8.02% (in the first quarter, it increases by 5.05. %; the second quarter increased by 7.83%; the third quarter increased by 13.71%; the fourth quarter increased by 5.92%) over the previous year due to the recovery of the economy and the highest increase in the period 2011- 2022.

In the general growth rate of the whole economy, the agriculture, forestry and fishery sector increased by 3.36%, contributing 5.11% to the growth rate of total added value of the whole economy; the industry and construction sector increased by 7.78%, contributing 38.24%; the service sector increased by 9.99%, contributing 56.65%.

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For the fourth quarter of 2022 alone, Vietnam’s GDP is estimated to increase by 5.92% over the same period last year, although higher than the growth rate of 4.7% and 5.17% of the same period in 2020 and 2021, but lower than that of the same period last year growth rate of the fourth quarter of the years 2011-2019.

Source: CafeF

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