Philippines GDP 2022 +7.6%

According to the latest data released by the Philippine Statistic Authority, the Philippines’ economy grew by 7.6 per cent in 2022, rebounding from the 5.6 per cent reached in 2021 and exceeding the government’s expectation of 6.5 per cent.

GDP expanded 7.2 per cent in Q4 2022 on a year-on-year, while, on a quarterly basis, GDP growth was 2.4 per cent in the October-December period compared with 2.9 per cent recorded in the previous quarter.

The country is targeting a GDP growth for 2023 between 6 per cent and 7 per cent.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 3.6 trillion, according to estimates for 2022.