PH hurdles formidable health and economic challenges with robust first-quarter GDP growth

The country’s gross domestic product (GDP) grew by 8.3 percent in the first quarter of 2022, higher than the 7.8 percent growth achieved in the fourth quarter of the previous year, and a significant reversal of the 3.8 percent decline a year ago. READ:

The country’s gross domestic product grew by 8.3 percent in the first quarter of 2022, higher than the 7.8 percent growth achieved in the fourth quarter of the previous year, and a significant reversal of the 3.8 percent decline a year ago. According to Socioeconomic Planning Secretary Karl Kendrick T. Chua, the country’s growth rate was the fastest in East Asia. Real GDP also rose to ₱4.618 trillion from ₱4.

Heaving a collective sigh of relief, the country’s economic managers declared in a joint statement on Thursday, May 12: “We have overcome our country’s greatest economic and health challenges.” On a seasonally adjusted quarter-on-quarter basis, the economy grew by 1.9 percent compared to the fourth quarter of 2021, signaling continued recovery despite the impact of more stringent alert levels due to the Omicron variant in early 2022.

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