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Philippines' GDP growth accelerated to 7.6% in 2022

But expansion for final quarter of year slowed to 7.2%

A public market in Manila in December. The Philippine economy grew 7.6% in 2022, exceeding the government's target.   © Reuters

MANILA -- The Philippine economy expanded 7.6% last year, surpassing the government's target as domestic consumption remained resilient despite soaring inflation.

Government data released Thursday showed gross domestic product growth was faster than the 5.7% recorded in 2021 and narrowly exceeded the government's projection of 6.5% to 7.5%. The Philippines' performance is among the strongest in the region and comes as President Ferdinand Marcos Jr. bids to attract foreign investors.

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