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Explore Philippines's latest macroeconomic trends and forecasts to inform business strategy and pinpoint opportunities and risks

Unemployment Rate in Philippines Reaches New Low

Having recovered from the COVID-19 pandemic, the unemployment rate in the Philippines in September 2022 fell to a new low since the beginning of the pandemic
The unemployment rate decreased significantly in 2022 to 7% from 8% in 2021, according to GlobalData
The GDP increased to 6.6% in 2022 from 5.7% in 2021, according to GlobalData

Philippines’ Unemployment Rate and GDP Growth

The unemployment rate in the Philippines reached a new low in September 2022 since the outbreak of the COVID-19 pandemic, indicating signs of economic recovery. The unemployment rate decreased significantly to 7% in 2022 from 8% in 2021, according to GlobalData. On November 8, 2022, the jobless rate decreased for the third consecutive month to reach 5%, which is an encouraging third-quarter development.

The GDP grew 6.6% in 2022 from 5.7% in 2021, according to GlobalData. The GDP increased in the second quarter of 2022 as well. The official third-quarter GDP figures will be made available on November 10, 2022.

According to Economic Planning Secretary Arsenio Balisacan, the unemployment rate “emphasise the advantages of our economy's complete reopening.”

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