Philippines' first quarter economic growth slightly lowered to 8.2 percent

ABS-CBN News

Posted at Aug 08 2022 12:36 PM

MANILA - The Philippines' first quarter economic growth rate was slightly lowered to 8.2 percent from the 8.3 percent GDP expansion announced earlier this year, the Philippine Statistics Authority said Monday.

In a statement, the PSA said the preliminary distributor in the downward revision of the gross domestic product (GDP) were the adjustments in the real estate ownership of dwellings, manufacturing as well as the wholesale and retail trade, repair motor vehicles and motorcycles.

Despite the slight downgrade, the 8.2 percent growth remains among the fastest in the region for the period. 

The country's first quarter growth has exceeded analysts' expectations, as COVID-19 restrictions were eased allowing more economic activities, despite the earlier tightening due to the omicron variant.

Some analysts also expect the second quarter growth to be even higher due to the spending incurred during the May 2022 national polls. 

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

The Development Budget Coordination Committee (DBCC) earlier downgraded its growth estimates for the year to 6.5 to 7.5 percent range from the revised 7 to 8 percent. 

For 2022, the gross domestic product (GDP) growth is expected to settle within the 6.5 to 7.5 percent range, which is lower compared to the earlier target of 7 to 8 percent, according to the Development Budget Coordination Committee (DBCC). 

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