• Gross Domestic Product (GDP) posted a quarter-on-quarter growth of 2.4 percent in the fourth quarter of 2022. Wholesale and retail trade; repair of motor vehicles and motorcycles, Financial and insurance activities, and Real estate and Ownership of dwellings were the top contributors to the quarter-on-quarter growth.

Among the major economic industries, Services and Industry posted quarter-on quarter growths with 3.5 percent and 1.5 percent, respectively. Meanwhile, Agriculture, forestry, and fishing posted a decline of -1.7 percent.

Gross National Income

• Gross National Income (GNI) posted a quarter-on-quarter growth of 3.3 percent in the fourth quarter of 2022.

Household Final Consumption Expenditure

• Household final consumption expenditure grew quarter-on-quarter by 2.1 percent. The top contributors to the growth were Restaurants and hotels, Food and non-alcoholic beverages, and Miscellaneous goods and services.

Agriculture, forestry, and fishing

• Agriculture, forestry, and fishing posted a quarter-on-quarter decline of -1.7 percent in the fourth quarter of 2022. This was mainly due to the decline of Sugarcane, Palay, and Poultry and Egg production.

Industry

• Industry posted a quarter-on-quarter growth of 1.5 percent in the fourth quarter of 2022. Manufacturing, Construction, and Electricity, steam, water and waste management were the contributors to the quarter-on-quarter growth.

Services

• Services recorded the fastest quarter-on-quarter growth among the major economic industries of GDP with 3.5 percent in the fourth quarter of 2022. The top contributors to the quarter-on-quarter growth were Wholesale and retail trade; repair of motor vehicles and motorcycles, Financial and insurance activities, and Real estate and Ownership of dwellings.

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

See more at the Seasonally Adjusted National Accounts page