Philippine economy exceeds expectations with above-target 2021 growthCommuters wait for public utility buses along Commonwealth Avenue in Quezon City as the full implementation of the "no vaccine, no ride" policy begins on Monday, Jan. 17, 2021. MANILA, Philippines (Update 1, 1:48 p.m.) — The Philippine economy grew beyond the government’s expectations last year, with growth in the fourth quarter surprising on the upside despite the onslaught of Typhoon Odette and a prolonged pandemic. Gross domestic product, the sum of all products and services created in an economy, grew 5.6% year-on-year in 2021, a dramatic turnaround from the historic 9.6% collapse recorded in 2020, the Philippine Statistics Authority reported Thursday. Quarter-on-quarter, the economy grew 3.1%. While last year’s growth figures got a lift from favorable base effects, PSA data showed the country’s major growth drivers are showing signs of recovery.

Source: Philippine Star January 27, 2022 19:46 UTC