The Philippine economy expanded by 7.4% year-on-year in the second quarter of 2022 as the country eased the COVID-19 mobility restrictions allowing more social and economic activities to thrive, according to the Philippine Statistics Authority (PSA).
The Philippine economy expanded by 7.4% year-on-year in the second quarter of this year. (Photo: AFP/VNA)
Manila (VNA) - The Philippine economy expanded by 7.4% year-on-year in the second quarter of 2022 as the country eased the COVID-19 mobility restrictions allowing more social and economic activities to thrive, according to the Philippine Statistics Authority (PSA).
The main contributors to the gross domestic product (GDP) growth in this period were wholesale and retail, construction, and transportation and storage, PSA head Dennis Mapa said at a press conference on August 9.
The significant economic sectors such as agriculture, forestry, and fishing, as well as industry and services, all posted positive growth in the second quarter, he added.
The Manila-based Asian Development Bank (ADB) forecast 6.5% GDP growth in 2022 and 6.3% in 2023 for the Philippines.
The So🐲utheast Asian country's GDP grew by 5.7% in 2021 after the economy contracted 9.6% in 2020 due to the COVID-19 pandemic./.
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The Asian Development Bank (ADB) said the Philippine economy is forecast to grow faster than initially expected in 2022, following the relaxation of COVID-19 mobility restrictions, the expansion of the COVID-19 vaccination programme, and a rebound in investment and household consumption.
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The Philippine economy expanded by 7.4% year-on-year in the second quarter of this year. (Photo: AFP/VNA) 
