AEIR 2023

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 (Apr23)6.0 7.0
Broad Money Growth 2 6.0 (Feb23)6.0 5.6
Headline Inflation Rate 3 7.6 (Mar23)8.6 4.0
Industrial/ Manufacturing Production Growth Rate 3 7.2 (Feb23)11.2 69.8
Merchandise Export Growth 3 -18.1 (Feb23)-18.1 -13.1
Exchange Rate Index 4 105.5 (Apr23)104.4 99.2
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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