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Wednesday, February 8, 2023

Philippines shakes off inflation for best growth since 1976

Construction of new buildings alongside older establishments is seen within the business district in Makati City, metro Manila, Philippines on Wednesday. (Reuters photo)

The Philippines weathered the fastest inflation and highest policy rate in 14 years to deliver one of Asia’s strongest expansions, shoring up the economy by the most in decades amid a bleak global outlook.

Gross domestic product in the three months through December grew 7.2% from a year earlier, the Philippine Statistics Authority said Thursday, versus a median estimate for a 6.6% advance in a Bloomberg survey. Output rose 2.4% compared to the previous quarter.

For the full year, GDP expanded 7.6% in 2022, surpassing the 7.4% survey median. That’s the best…

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