November 28, 2022

The economy grew by a better-than-expected 7.6 percent in the third quarter, data released on Thursday showed.

“Major economic sectors, namely: Agriculture, forestry, and fishing, Industry, and Services all posted positive growths in the third quarter of 2022 with 2.2 percent, 5.8 percent, and 9.1 percent, respectively,” the Philippine Statistics Authority (PSA) said in a statement.

Analysts polled by the Juan Kabayan had expected growth to be no stronger than 6.0 percent, slowing from the revised 7.5 percent expansion in the previous quarter and January-March’s 8.4 percent.

Year-to-date, gross domestic product growth now stands at 7.8 percent, above the government’s downwardly revised 6.5-7.5 percent goal for the year.

The main contributors to third quarter growth, the PSA said, were wholesale and retail trade; repair of motor vehicles and motorcycles; financial and insurance activities; and construction.

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“On the demand side, Household Final Consumption Expenditure grew by 8.0 percent in the third quarter of 2022,” it added.

Government final consumption expenditure (0.8 percent), gross capital formation (21.7 percent), exports of goods and services (13.1 percent), and imports of goods and services (17.3 percent) also improved.

Net primary income from the rest of the world grew by 94.6 percent, bringing gross national income (GNI) growth to 10.5 percent in the third quarter.