Philippines First-Quarter GDP Rose on Broad-Based Recovery From Pandemic

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By Kosaku Narioka

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The Philippine economy expanded steadily in the first quarter of 2022, thanks to a broad-based recovery from the coronavirus pandemic.

The country’s gross domestic product increased 8.3% on year, following a 7.8% rise in the October-December period, data from the Philippine Statistics Authority showed Thursday.

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The reading exceeded the median forecast of a 6.7% expansion expected in a Wall Street Journal poll of economists.

Compared with the previous quarter, GDP increased by 1.9% on a seasonally adjusted basis.

Despite an outbreak of the Omicron variant of Covid-19 during the first quarter, government authorities imposed few new restrictions, allowing economic activities to continue, economists said.

The economy will likely continue to recover in the coming quarters, with the opening of borders to tourists providing a tailwind, they said.

Services sector output, which includes trade of goods and typically makes up more than half of the economy, increased 8.6% in the first quarter from a year earlier.

The industry sector, including manufacturing and construction, grew 10.4%, while the agriculture sector expanded 0.2%, the data showed.

Write to Kosaku Narioka at [email protected]

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Credit: www.marketwatch.com /

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