The Philippines Statistics Authority on Tuesday announced an upward revision in the third quarter economic growth data, lifting gross domestic production expansion to 6.0 percent in the July-September quarter from an earlier estimate of 5.9 percent.
The PSA attributed the upward revision in third quarter growth data to better performance of manufacturing, financial and insurance activities, and accommodation and food services.
Growth estimate for manufacturing in the third quarter was raised to 1.8 percent from 1.7 percent while that financial and insurance activities was lifted to 9.6 percent from 9.5 percent. The growth estimate of accommodation and food services activities has been increased to 21 percent from 20 percent.
Estimate for third-quarter growth in gross national income, which includes net factor income from abroad, was maintained at 12.1 percent even with the slight decline in the net primary income from the rest of the world to 111.6 percent from 112.5 percent.
The revision of economic growth numbers came on the eve of the PSA’s release of fourth quarter and full-year 2023 GDP data.
Moody’s Analytics earlier projected fourth quarter GDP growth at a slower 4.9 percent while full-year growth was projected at 5.38 percent, lower than the government’s base target of 6.0 percent.
