By Kosaku Narioka
The Philippine economy grew steadily in the first quarter of 2022, thanks to a broad recovery from the coronavirus pandemic.
The country’s gross domestic product rose 8.3% year on year, after rising 7.8% in the October-December period, data from the Philippine Statistics Authority showed on Thursday.
The reading beat the median forecast for a 6.7% expansion expected in a Wall Street Journal poll of economists.
Compared to 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 coming quarters, with the opening of borders to tourists providing a tailwind, they said.
Output in the services sector, which includes trade in goods and typically accounts for more than half of the economy, rose 8.6% in the first quarter from a year earlier.
The industrial sector, including manufacturing and construction, grew 10.4%, while the agricultural sector grew 0.2%, the data showed.
Write to Kosaku Narioka at [email protected]