The Philippine Statistics Authority has released the revised estimates of the national accounts for the fourth quarter but the annual rates of growth for years 2021 and 2022 were maintained.
The fourth quarter gross domestic product growth rate was revised downward to 7.1 percent from 7.2 percent due mainly to an upward revision in import and net primary income growth, and a downward revision in gross capital formation.
Estimate in import growth was lifted to 7.0 percent in the fourth quarter from 5.9 percent while growth in gross capital formation were downgraded to 3.8 percent from 5.9 percent.
Growth in net primary income from the rest of the world was raised to 59.9 percent from the initial estimate of 57.5 percent.
The PSA said the annual GDP growth rate for 2022 was maintained at 7.6 percent while 2021 GDP growth rate was kept at 5.7 percent.
The PSA revised the growth estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions.
