Philippines' GDP grows 5.6% in 2021, beating revised target

With GDP growth exceeding expectations in 2021, the Philippines is optimistic that it will bounce back to pre-pandemic levels and attain upper-middle income country status in 2022.

Philippine Gdp, Philippine Economy

1/27/2022 2:25:00 PM

With GDP growth exceeding expectations in 2021, the Philippines is optimistic that it will bounce back to pre-pandemic levels and attain upper-middle income country status in 2022.

(1st UPDATE) With GDP growth exceeding expectations in 2021, the Philippines is optimistic that it will bounce back to pre-pandemic levels and attain upper-middle income country status in 2022

For the fourth quarter alone, the Philippine Statistics Authority (PSA) reported 7.7% growth.From October to December or prior to the spread of the highly transmissibleOmicron variant, the Philippines saw a sharp drop in COVID-19 cases, encouraging most businesses to open at full capacity.

Industry and services grew 9.5% and 7.9%, respectively during the last quarter, while agriculture inched up 1.4% despite the onslaught of Typhoon Odette (Rai) in December.During the last quarter, food service activities, construction, and transportation posted double-digit growth rates.

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