The Philippine Statistics Authority on Thursday downgraded the growth estimate for 2023 to 5.5 percent from 5.6 percent.
This follows a downward revision in the fourth quarter gross domestic product expansion to 5.5 percent from the initial estimate of 5.6 percent growth.
GDP growth for 2022 remains at 7.6 percent.
Gross national income for 2023 was also left unchanged at 10.5 percent.
PSA data showed lower revised figures for services and imports, whose growth for the whole of last year was downgraded to 7.1 percent from 7.2 percent, and 1.0 percent from 1.6 percent, respectively.
These declines in services and imports overshadowed an upward revision in full-year growth of government spending to 0.6 percent from 0.4 percent initial estimate.
