The economy rebounded, expanding by 5.6% in 2021 after contracting by 9.6% in 2020. As the major drivers of growth, investment grew by 19.0% with household consumption rising by 4.2%. On the supply side, services was the largest contributor to growth, expanding by 5.3%. Remittances from Filipinos working abroad rose by 5.1%, reaching $34.9 billion in 2021, or 8.9% of GDP. Inflation increased to 3.9% from 2.4% in 2020 on higher food and petroleum prices. GDP is forecast to grow by 6.0% in 2022 and by 6.3% in 2023 as domestic demand strengthens. As economic recovery accelerates, revenues will continue to improve with the government’s decision to maintain excise taxes on petroleum products.
Source: Asian Development Outlook 2022.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 6.0 (Aug23) | 6.0 | 6.0 |
Broad Money Growth 2 | 5.9 (Jun23) | 5.9 | 6.6 |
Headline Inflation Rate 3 | 5.3 (Aug23) | 4.7 | 6.3 |
Industrial/ Manufacturing Production Growth Rate 3 | 3.4 (Jun23) | 7.7 | 0.0 |
Merchandise Export Growth 3 | 0.8 (Jun23) | 0.8 | 2.5 |
Exchange Rate Index 4 | 107.4 (Aug23) | 104.7 | 106.4 |
1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
Source: Bloomberg LP; CEIC database; Philippine Statistics Authority; National Statistics Office. |
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