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The Philippine economy grew 5.6 percent in 2021, the year the country started loosening Covid-19 restrictions and began rolling out vaccines.
The gross domestic product (GDP) grew 7.7 percent in the fourth quarter of 2021, a huge swing from the 8.3-percent contraction recorded in the same period in 2020.
The top contributors to the fourth-quarter growth were: manufacturing (7.2 percent), wholesale and retail trade, repair of motor vehicles and motorcycles (7.4 percent) and construction (18.5 percent).
The same industries also contributed the most to the annual growth.
Socioeconomic Planning Secretary Karl Kendrick Chua said the performance of the country’s economy in 2021 showed that “we are on the correct path to a resilient recovery.”
He also said that the government was optimistic about its growth in 2022.
Acting Palace spokesman Karlo Nograles touted the “strength and resilience” of the country’s economy despite the challenges brought about by the pandemic and other natural calamities.
“We will continue to pursue policies and reforms as we rebuild a stronger economy, one wherein every Filipino enjoys a safe, healthy and comfortable life,” he said in a statement. John Ezekiel J. Hirro