The Philippines economy beat expectations and managed a growth of 7.7 percent in the last quarter of the year, according to data released by the Philippine Statistics Authority .
PSA data showed the 7.7 percent growth in the fourth quarter is the highest October to December growth recorded by the economy in nine years. This means this is the highest fourth-quarter GDP growth since 2012 when October to December growth reached 7.8 percent. Based on PSA data, from the production side, major industries such as Industry, Services, and Agriculture, forestry, and fishing grew 9.5 percent, 7.9 percent, and 1.4 percent in the fourth quarter, respectively.
On the demand side, valuables, intellectual property products, and construction posted the highest growth at 60.4 percent, 17.9 percent, and 15 percent in the fourth quarter of 2021, respectively.
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