The Philippine economic growth maintained strong momentum in the fourth quarter, thanks to increased household consumption despite rising inflationary pressures, official data revealed Thursday.
Gross domestic product logged an annual expansion of 7.2 percent after rising 7.6 percent a quarter ago, the Philippine Statistics Authority said.
The pace of growth was forecast to ease to 6.5 percent. Moreover, this was the seventh straight quarter of expansion.
On the expenditure side, household consumption grew 7.0 percent despite rising price pressures, and government final consumption rose 3.3 percent.
Gross capital formation showed an annual growth of 5.9 percent, and both exports and imports climbed by 14.6 percent and 5.9 percent, respectively.
During the year 2022, overall GDP advanced 7.6 percent compared to the previous year, largely driven by a 16.8 percent surge in investments.
Economic News