The Philippine Gross Domestic Product (GDP) grew by 7.7% in the fourth quarter of 2021, which meant that the GDP grew by 5.6% for the entire year in 2021.
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For the fourth quarter of 2021, the key factors behind the growth were manufacturing, 7.2%; wholesale and retail trade, 7.4%; repair of motor vehicles and motorcycles, 7.4%; and construction, 18.5 %.
Photo Courtesy: NEDA/Facebook
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The same industries were also the biggest contributors to annual growth: Manufacturing, 8.6%; wholesale and retail trade; repair of motor vehicles and motorcycles, 4.3%; and construction, 9.8%.
Photo Courtesy: NEDA/Facebook
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Construction industry growth
The construction industry grew by 18.5% in the fourth quarter, up from 17.4% in the third quarter. This registered an annual growth of 9.8%, making it one of the major contributors to economic growth for 2021.
Photo Courtesy: NEDA/Facebook
Investments grew by 19%, up from -34.4% in 2020. Thanks to a 37.4 percent rise in public construction as the government kept going with the Build, Build, Build infrastructure program.
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Innovation and sustainability in the future
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The National Economic Development Authority (NEDA) believes that we are on the right path to resilient recovery despite the risks brought by the COVID-19 Omicron variant at the beginning of the year. They are looking forward to setting the scene for more growth in 2022.
To ensure that our development goals are inclusive and sustainable, the country needs to improve its productivity and innovate, NEDA said.
The Philippine Innovation Act will strengthen innovation governance, foster a culture of future planning in order to meet the country’s long-term innovation goals, and assist Filipino innovators. This will be vital in achieving upper-middle income country status and maintaining growth in order to achieve high-income country status in a generation.
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CITATIONS:
- National Economic Development Authority. (2022, January 27). JOINT STATEMENT OF THE DUTERTE ADMINISTRATION’S ECONOMIC MANAGERS ON THE PHILIPPINE ECONOMIC PERFORMANCE FOR THE FOURTH QUARTER AND FULL YEAR OF 2021. Retrieved February 9, 2022, from https://neda.gov.ph/joint-statement-of-the-duterte-administrations-economic-managers-on-the-philippine-economic-performance-for-the-fourth-quarter-and-full-year-of-2021/?fbclid=IwAR1F9WgGkXpNdAVFvv7EuRfFm353fEdSj5pEkr93NaNfABd287SM5fLFk1U
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