The Philippine Statistics Authority (PSA) has revised estimates for the country’s economic performance, covering both 2023 and 2024, with updates on quarterly and annual figures by industry and expenditure.
The revisions reflect an upward adjustment in the fourth-quarter 2024 GDP growth rate, now pegged at 5.3 percent, slightly up from the previously estimated 5.2 percent.
As a result, the full-year 2024 GDP growth estimate has been raised to 5.7 percent, from an earlier projection of 5.6 percent.
The full-year 2023 GDP growth rate remains unchanged at 5.5 percent after the review.
The revisions were carried out in accordance with the PSA’s approved revision policy, which aligns with international standards for national accounts updates.
These revisions indicate a continued positive outlook for the Philippine economy, with slight improvements expected in the near future. By revisiting key economic indicators, the PSA aims to ensure the accuracy and relevance of national economic data, providing stakeholders with a clearer picture of the country’s economic performance.
