‘Economy likely grew by...

PAGE 2 during the height of the pandemic, resulting in a sharp contraction of 9.5 percent.

“Nevertheless, the economy demonstrated remarkable resilience. In 2022, the full-year growth reached 7.6 percent, surpassing the government’s official target of 6.5 to 7.5 percent. The first quarter of 2023 also brought good news, as growth remained strong at 6.4 percent, indicating a continued recovery and a return to the high-growth trend observed before the pandemic,” Edillon said.

Edillon added that two main factors have played a significant role: consumption on the demand side and services on the supply side.

“The reopening of our economy, largely facilitated by the relaxation of mobility restrictions, provided a boost to household spending, particularly as people eagerly resumed travel. The services sector, which includes retail, tourism, transportation, and education, benefited the most from the reopening, as it encompasses high-contact industries,” she said. (Philstar.com) n