MANILA - The Philippines’ third quarter gross domestic product growth was revised downward to 6.9 percent from the preliminary estimate of 7.1 percent, the state statistics bureau said on Wednesday.

“The major contributors to the downward revision were: Financial and insurance activities, from 6.4 percent to 3.9 percent; Professional and business services, from 11.5 percent to 10.6 percent; and Real estate and ownership of dwellings, from 4.7 percent to 3.8 percent,” The Philippine Statistics Authority said.

The country’s GDP shrank 3.9 percent in the first quarter of 2021, the fifth straight quarter of contraction as the government continued imposing strict lockdowns to curb the spread of COVID-19.

GDP sprang back to a growth rate of 12 percent in the second quarter, partly due to low base effects as the economy contracted by a record 17 percent in the same period in 2020.

• Philippines lowers 2020 economic growth rate to -9.6 percent

The PSA said it revises the GDP estimates based on an approved revision policy that is consistent with international standard practices on national accounts revisions.

Philippine economic managers expect growth to hit 5 to 5.5 percent in 2021.

The Asian Development Bank earlier forecast that the Philippines’ full-year GDP growth for 2021 would be 5.1 percent.

Fourth quarter growth figures for 2021 are set to be released on Thursday Jan. 26.

• ADB raises Philippine economic growth forecast to 5.1 percent in 2021

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