HFCE grew by 7.0 percent in the fourth quarter of 2022. This was the seventh consecutive quarter of increase but lower compared with the 7.5 percent growth registered in the same quarter of the previous year. (Figure 5)

Meanwhile, on an annual basis, the HFCE expanded by 8.3 percent in 2022, which was an improvement from the 4.2 percent growth in 2021.

The following were the top contributors to the growth of HFCE: Restaurants and hotels, which grew by 24.7 percent; Food and non-alcoholic beverages, 3.8 percent; and Miscellaneous goods and services, 7.1 percent.

All other HFCE items also posted positive growths during the said period.

Figure 5. Household final consumption expenditure,
Q1 2020 to Q4 2022 Growth Rates, At constant 2018 prices