PSA keeps GDP growth at 7.6% in 3rd quarter

DESPITE upward adjustments made on the growth of certain sectors such as real estate and the financial sectors, the Philippine Statistics Authority (PSA) maintained GDP growth at 7.6 percent in the third quarter of 2022.

The PSA upgraded its growth estimates of real estate and ownership of dwellings to 3.6 percent from 3.1 percent; financial and insurance activities to 7.9 percent from 7.7 percent; and manufacturing to 3.8 percent from 3.6 percent. The data also showed the growth rate of Net Primary Income (NPI) from the Rest of the World recorded an upward revision from 94.6 percent to 95.1 percent.

PSA said the Gross National Income (GNI) in the third quarter of 2022 remained at 10.5 percent.

Making GDP revisions, PSA said, are part of the tasks of the agency. This is based on an approved revision policy in PSA Board Resolution No. 1, Series of 2017-053.

PSA gave assurances that their latest revision is consistent with international standard practices on national accounts revisions.

The national income accounts data for the fourth quarter and full year 2022 will be released on Thursday.

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