The Philippine economy posted a growth of 7.6 percent in the third quarter of 2022 amid the skyrocketing inflation, the Philippine Statistics Authority (PSA) reported on Thursday, Nov. 10.

In a press conference, PSA Undersecretary Dennis Mapa said the third quarter figure was higher compared to the 7.5 percent Gross Domestic Product (GDP) in the second quarter of this year and 7 percent in the same period in 2021.

“Ito ay pang-anim na consecutive quarter na paglago ng ekonomiya mula sa ikalawang quarter ng taong 2021,” he said.

[This is the sixth consecutive quarter that the economy recorded expansion since the second quarter of 2021.]

According to Mapa, the major economic sectors that improved their performance in the third quarter of 2022 are as follows: agriculture, forestry, and fishing (AFF) at 2.2 percent, Industry at 5.8 percent, and Services at 9.1 percent.

These three economic sectors are the main contributors to the 7.6 percent GDP growth in the third quarter of 2022, he added.

The National Statistician said AFF contributed 0.2 percentage points, followed by Industry at 1.6 percentage points, and Services at 5.8 percentage points.

From July to September, the industries that contributed to the Q3 GDP growth are as follows: wholesale and retail trade, repair of motor vehicles and motorcycles contributed at 1.9 percentage points, financial and insurance activities at 0.77 percentage points, and construction at 0.76 percentage points.

Mapa said the top industries that improved their performance in the third quarter of 2022 are accommodation and food service activities at 40.6 percent, transportation and storage at 24.3 percent, and construction at 12.2 percent.

Meanwhile, the Net Primary Income (NPl) from the rest of the world grew by 94.6 percent pushing the country’s Gross National Income (GNI) stood at 10.5 percent in the third quarter of 2022.