Filtered By: Money

PSA: ‘Digital economy’ hits P2.08T in 2022, accounts for 9.4% of GDP

The Philippines’ digital economy was valued at P2.08 trillion in 2022, up 11% from P1.87 trillion in 2021 amid the rise in digital transactions, according to a preliminary report by the Philippine Statistics Authority (PSA).

In its report, the PSA said the digital economy accounted for 9.4% of the country’s 2022 gross domestic product (GDP) — the total value of goods and services produced in a specific period.

The Statistics agency said the digital economy is composed of digital transactions covering Digital-enabling infrastructure, E-commerce, and Digital media/content.

It said of the total amount of digital transactions in 2022, Digital-enabling infrastructure made up the largest share amounting to P1.60 trillion or 77.2%.

The total amount of transactions on Digital-enabling infrastructure last year also grew by 7.5% from P1.49 trillion in 2021.

The PSA said the top two contributors under Digital-enabling infrastructure were Telecommunication services and Professional and Business services with 30.7% and 27% shares, respectively.

Meanwhile, E-commerce contributed 20% to the total digital economy in 2022 amounting to P416.123 billion.

E-commerce grew by 26.5% from P328.836 billion in 2021.

Digital media/content accounted for P57.41 billion or 2.8% of the total digital economy. It grew by 11.8% from P51.4 billion in 2021.

The digital economy also employed 6.05 million people in 2022, up 8.2% from 5.59 million persons employed in the digital economy in 2021.

The PSA said its report on the digital economy is based on the results of the pilot study done by its technical staff.

“Since the methodology is currently being refined for presentation later to the PSA Board, the results are considered preliminary,” it said.

“The PSA plans to institutionalize the compilation of the Philippine Digital Economy Satellite Accounts, subject to the approval of the PSA Board,” it added. —VAL, GMA Integrated News