The country has just recorded two consecutive quarters of growth, following up the 12.0 percent expansion registered in the second quarter of 2021 – the highest growth rate recorded since 1988 – with a 7.1 percent expansion in gross domestic product in the third quarter. Indeed, the third quarter growth surpassed expectations, leading to optimism for a more rapid return to pre-pandemic GDP levels.
The economy remains on course to meet the government’s full year growth forecast, which is in the range of 4 to 5 percent  Inflation The BSP expects inflation to remain manageable. While headline inflation was at 4.8 percent year-on-year in September, it decelerated to 4.6 percent in October due to lower food inflation.