According to the Philippine Statistics Authority, the Gross Domestic Product (GDP) expanded by 7.2% in the fourth quarter of 2022, sustaining the 7.8% growth posted in the same period in 2021. It is the seventh consecutive recorded GDP growth since the second quarter of 2021. This brings the whole year of 2022 GDP growth to 7.6% (Figure 1), exceeding the government’s annual upper-end target of 7.5%. The 2022 GDP valued at P19.9 trillion (at constant 2018 prices) stands P1.4 trillion higher than the 2021 GDP, and has already surpassed the 2019 pre-pandemic GDP level of P19.4 trillion.
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