The government has retained the projected local output growth measured as the gross domestic product (GDP) at 7.6 percent in the third quarter of 2022, according to National Statistician Dennis Mapa.
The actual numbers measuring the country’s economic performance during the period comes out tomorrow, Thursday.
However, Mapa said changes were observed in all industries except public administration and defense as well as compulsory social activities.
Adjustments were made on real estate and ownership of dwellings to 3.6 percent from 3.1 percent, financial and insurance activities to 7.9 percent from 7.7 percent, and manufacturing to 3.8 percent from 3.6 percent.
The expansion of net primary income (NPI) from the rest of the world show an upward revision to 95.1 percent from 94.6 percent, while the gross national income (GNI) in the third quarter of 2022 remained at 10.5 percent.
Mapa said the Philippine Statistics Authority (PSA) revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053), which is consistent with international standard practices on national accounts revisions.
The Philippines managed to sustain its exit from the pandemic-induced recession with a GDP expansion of 7.7 percent in the January-to-September period last year, slightly above the 6.5 to 7.5 percent target set by the Cabinet-level Development Budget Coordination Committee (DBCC).
The country emerged from recession with GDP growth of 5.7 percent in 2021 that reversed the 9.6 percent contraction in 2020 as the economy stalled due to strict COVID-19 lockdown measures.
The PSA is set to announce the GDP growth for the fourth quarter and full-year 2022 on Thursday.
