MANILA, Philippines, January 27 ------ The Philippines’ gross domestic product (GDP) grew 5.6% in 2021, beating the target that the government revised multiple times throughout the year as businesses adjusted to waves of COVID-19 infections.
For the fourth quarter alone, the Philippine Statistics Authority (PSA) reported 7.7% growth. From October to December or prior to the spread of the highly transmissible Omicron variant, the Philippines saw a sharp drop in COVID-19 cases, encouraging most businesses to open at full capacity. A downward revision for the third quarter pushed down the full-year GDP figure. From 7.1%, the PSA revised it to 6.9%. State economic managers aimed for GDP for the entire 2021 to grow between 5% and 5.5%.
But prior to this, the government targeted a lower GDP growth rate of somewhere between 4% and 5%. Before that, it aimed for higher GDP growth of 6% to 7%. Then prior to newer COVID-19 variants, state economists were eyeing 6.5% to 7.5%. GDP is the value of all finished goods and services produced within the country in a specific period. It serves as a scorecard of the economy. The latest GDP figure is an improvement from 2020’s 9.6% drop. The government, so far, is keeping the ambitious target of 7% to 9% growth for 2022.
Source: rappler.com
Comments