How each segment contributed to Q3 2022 GDP

Despite surging inflation and rising interest rates, the Philippine economy beat market expectations as it grew 7.6% in the third quarter. The preliminary gross domestic product (GDP) figure was a tad faster compared with the revised 7.5% in the previous quarter and the 7% growth posted in the July-September period in 2021. On the expenditure side, household spending propped up the economy after it contributed 5.86 percentage points (ppts.) to the 7.6% print during the period. Meanwhile, the contributions of government spending and capital formation eased to 0.12 ppt. and 4.48 ppts., respectively. All major economic centers posted positive net contributions to the GDP with services leading with 5.82 ppts., up from 5.48 ppts. the previous quarter and 4.85 ppts. in the same quarter a year ago.