Philippine economy beats forecast, grows 7.7% in Q4

The Philippine economy accelerated by 7.7% in the last quarter of 2021, beating market estimates of a 6.5% expansion, according to data released by the Philippine Statistics Authority (PSA). The Q4 growth also reversed the 8.3% contraction in the last quarter of 2020, when the country was badly hit by the effects of the global health crisis. The GDP growth was also higher than the revised 6.9% expansion in Q3 last year. For the entire 2021, the Philippines’ GDP grew to 5.6%, rebounding from a record 9.6% contraction in 2020, according to preliminary data from the statistics agency. All major sectors posted growth in the fourth quarter, led by industry (9.5% from -10.6% in fourth-quarter 2020), services (7.9% from -8%), and agriculture (1.4% from -2.5%).