Philippines' second quarter economic growth revised higher to 7.5 percent: PSA

ABS-CBN News

Posted at Nov 09 2022 12:22 PM

MANILA - The Philippines' gross domestic product (GDP) growth was revised upward to 7.5 percent from 7.4 percent, the state statistics bureau said on Wednesday.

Major contributors to the upward adjustment were construction, real estate and ownership of dwelling and manufacturing, the Philippine Statistics Authority said in a statement.

This followed the upward revision of the growth rate of Net Primary Income (NPI) from the rest of the world to 65.3 percent from 64.8 percent.

Growth rate of the gross national income (GNI), however, was kept at 9.3 percent in the second quarter, the PSA said.

"The Philippine Statistics Authority (PSA) revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions," it said.

The first quarter GDP growth was earlier revised to a slightly lower rate of 8.2 percent from 8.3 percent. 

The PSA is set to release the third quarter GDP figures on Thursday.

Economic managers are expecting GDP to grow between 6.5 to 7.5 percent this year, down from 7 to 8 percent amid rising inflation and interest rates. 

To achieve a cumulative 7.5 percent growth, the economy needs to grow by 7.2 percent in the second half of the year. 

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