Philippines GDP +7.6% Q3 2022
According to the latest data released by the Philippine Statistics Authority (PSA), the Philippines' gross domestic product (GDP) expanded by 7.6% in the third quarter of 2022. Expansion in the third quarter puts the Philippines second in growth in the Southeast Asian region, behind Vietnam’s 13.7% and in front of Indonesia’s 5.7%.
GDP growth in the third quarter was sustained by the service sector, although household consumption and investment remained the main drivers, despite inflation reducing families' incomes. Data showed that on a quarterly basis, GDP rose 2.9% compared to a 0.1% contraction in April-June and an expected 1% rise.
The final consumption expenditure of households increased by 8 percent, the government's final consumption expenditure increased by 0.8 percent, gross capital formation increased by 21.7%, exports of goods and services increased by 13.1%, and imports of goods and services increased by 17.3%.
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.