The Philippine economy posted a slightly lower growth in the first quarter than what was previously estimated, according to a statement released by the Philippine Statistics Authority (PSA) yesterday.
The PSA reported that the first quarter 2022 gross domestic product (GDP) growth rate was revised downward to 8.2 percent from the preliminary estimate of 8.3 percent.
According to the PSA, major contributors to the downward revision were real estate and ownership of dwellings, from 7.9 percent to 5.9 percent; manufacturing, from 10.1 percent to 9.8 percent; and wholesale and retail trade; repair of motor vehicles and motorcycles, from 7.3 percent to 7 percent.
“The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” the agency said.
Meanwhile, the growth rate in net primary income from the rest of the world recorded an upward revision from 103.2 percent to 105.4 percent.
The PSA also said the growth rate in gross national income in the first quarter of 2022 recorded a downward revision from 10.7 percent to 10.6 percent.
The PSA is set to announce the Philippine economy’s performance for the second quarter at 10 a.m. today.
At the 182nd Development Budget Coordination Committee meeting last July 8, the country’s economic managers adjusted the Philippines’ GDP growth rate assumption for this year from 7 to 8 percent to 6.5 to 7.5 percent, following recent domestic trends and reflecting challenges from external developments. – Angela Celis
