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.
|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.|
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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