3rd Quarter 2022

GDP Expands by 7.6 Percent in the Third Quarter of 2022

The Philippine Gross Domestic Product (GDP) posted a growth of 7.6 percent in the third quarter of 2022. (Figure 1)

The main contributors to the third quarter 2022 growth were:  Wholesale and retail trade; repair of motor vehicles and motorcycles, 9.1 percent; Financial and insurance activities, 7.7 percent; and Construction, 12.2 percent.

Major economic sectors, namely: Agriculture, forestry, and fishing, Industry, and Services all posted positive growths in the third quarter of 2022 with 2.2 percent, 5.8 percent, and 9.1 percent, respectively.

On the demand side, Household final consumption expenditure (HFCE) grew by 8.0 percent in the third quarter of 2022. The following items also recorded growths: Government final consumption expenditure (GFCE), 0.8 percent; Gross capital formation, 21.7 percent; Exports of goods and services, 13.1 percent; and Imports of goods and services, 17.3 percent.

Net Primary Income (NPl) to/from the Rest of the World grew by 94.6 percent bringing the Gross National Income (GNI) to grow by 10.5 percent in the third quarter of 2022.

Figure 1. Gross Domestic Product, Q1 2020 to Q3 2022 Growth Rates,
At constant 2018 prices

Sectors - Previous Releases

Featured Video

Press Conference on the 2022 Third Quarter Performance of the Philippine Economy
Press Conference on the 2022 Third Quarter Performance of the Philippine Economy

Contact Information

Technical Inquiries

Ms. Vivian R. Ilarina
Assistant National Statistician
Macroeconomic Accounts Service
(632) 8376-1996
v.ilarina@psa.gov.ph

Mr. Mark C. Pascasio
Division Chief
Expenditure and Integrated Accounts Division
Macroeconomic Accounts Service
(632) 8376-1982
m.pascasio@psa.gov.ph

 

Publication Inquiries

Ms. Maria Belen B. Pecson
Librarian II
Knowledge Management and Communications Division
(632) 8462-6600 local 839
info@psa.gov.ph