Despite revisions, GDP growth in Q3 stays at 7.6%: Phillipines

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The country's economic growth for the third quarter last year was kept at 7.6 percent, according to the Philippine Statistics Authority (PSA).

While the third quarter gross domestic product (GDP) growth was maintained at the rate initially reported by the PSA, the data agency said in a statement 'changes were observed in all industries except public administration and defense; compulsory social activities.'

The PSA said major contributors to growth in the third quarter include real estate and ownership of dwellings, which grew from 3.1 percent to 3.6 percent.

The PSA also cited financial and insurance activities, which grew from 7.7 percent to 7.9 percent; and manufacturing, which went up from 3.6 percent to 3.8 percent.

For the growth of net primary income (NPI) from the rest of the world, the PSA said this was revised upward to 95.1 percent from 94.6 percent.

Meanwhile, gross national income, which covers the GDP and NPI from overseas, remained at 10.5 percent in the third quarter.

Adjustments are made by the PSA on GDP estimates based on an approved revision policy, in line with international standard practices on national accounts revisions.

The PSA is set to report the country's fourth quarter and full-year 2022 economic performance today.

Economists who were asked for their GDP forecasts expect the economy to have posted slower growth in the fourth quarter last year compared with the 7.6 percent growth in the third quarter.

But while they expect the economy to have slowed in the fourth quarter, they are forecasting a higher full-year 2022 growth compared to the 5.7 percent posted in 2021.

The government expects the full-year economic growth in 2022 to exceed its 6.5 to 7.5 percent growth target.

In the January to September period, the economy grew by an average of 7.7 percent.