Household consumption in the Philippines could see sustained improvement in the near term amid slowing daily COVID-19 infection rates, analysts said. A more sustained improvement in household consumption is projected as daily infection rates have continued to slow.
In 2020, household consumption fell by 8.3% amid prolonged lockdowns. Household spending typically accounts for 70% of the country’s economy.
Household spending could grow by 5.1% or a total of PHP 11.1 trillion (USD 220.5 billion) in 2022, accelerating from the estimated 3.5% growth this year, as the employment rate and consumer sentiment improve.
(Sources: Philippine News Agency; The Philippine Star)
