A man pushes a goods cart through a crowded market in Manila, Philippines on September 21, 2022. (Photo: AFP/VNA)
Hanoi (VNA) - The Philippines recorded economicgrowth beyond expectations in 2022, fueled by strong consumer spendingdespite rising consumer prices.
According to the Philippine Statistics Authority, the country's gross domestic product (GDP) expanded 7.6% last year, better than the 5.7% growth in the previous year. It also surpassed the government’s target of 6.5-7.5%.
"There was so muchpent-up demand… and that significantly improved economic activities,"Socioeconomic Planning Secretary Arsenio Balisacan was quoted by Agence France-Presse news agency as saying. "We are confidentthat we will remain in our high growth trajectory," he added.
Inthe l🌠ast three months of last year, the economy expanded 7.2% against a 6.6 % median estimate in a Bloomberg survey ofeconomists.
Balisacan attributed the growth to theimprovements in labour market conditions, increased tourism, revenge andholiday spending, and resumption of face-to-face classes supported growth in thequarter. Agricultural production, however,grew just 0.5% last year, barely contributing to the overall output. He said that consumer spending weathered rising inflation as pent-up demand to spend in restaurants and entertainment as well as more jobs fueled domestic demand.
Inflation hit 8.1% inDecember, the fastest in 14 years, prompting the central bank to aggressivelyraise interest rates. Inflation stood at 5.8% for the full year, abovethe bank's target.
Balisacan said keepingcommodit🦂y prices in check and ensuring food security are at the top of the government’s priorities "as global and domestic headwinds persist",adding that officials are aiming for growth of 6 to 7% this year amid fears ofa global economic slowdown./.
Driven by pent-up demand from consumers, the Philippine economy is forecast to grow 7.2% in 2022 before tapering off to an average of 5.7% in 2023, according to a report released by the World Bank on December 6.
Philippine President Ferdinand Marcos Jr. has approved the recommendation of the economic ministry to extend tariff reductions on rice and other food items until the end of next year to curb inflation.
A member of the Philippine House of Representatives Marvin Rillo on January 15 said that the country will invest 17.7 billion pesos (322 million USD) in building and upgrading roads to tourism sites, which make the sites more accessible to visitors.
The Philippines will upgrade at least eight airports across the country in 2023 to boost mobility and connectivity, said Budget Secretary Amenah Pangandaman on January 19.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
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Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
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Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
A man pushes a goods cart through a crowded market in Manila, Philippines on September 21, 2022. (Photo: AFP/VNA) 
