Philippine Statistics Authority Reports Upward Revision in 3Q Economic Growth

MANILA, PHILIPPINES – The Philippine Statistics Authority (PSA) announced on Tuesday an upward revision of the country’s economic growth for the third quarter, adjusting the figure from 5.9 percent to 6.0 percent.

According to Philippines News Agency, the revision in the gross domestic product (GDP) growth is attributed to stronger performances in several sectors. Manufacturing saw an increase from 1.7 percent to 1.8 percent, financial and insurance activities were revised from 9.5 percent to 9.6 percent, and accommodation and food service activities experienced a notable jump from 20.0 percent to 21.0 percent. The Gross National Income (GNI) growth rate for the third quarter of 2023 was maintained at an annual rate of 12.1 percent. However, the annual growth of the Net Primary Income from the Rest of the World was slightly revised downward, from 112.5 percent to 111.6 percent. “The Philippine Statistics Authority revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” the PSA explained.

The official economic growth figures for the fourth quarter and the full year of 2023 are scheduled to be released on Wednesday.

In a related report, the PSA also noted a marginal increase in the total value of agriculture and fisheries production for the past year. The value of production in these sectors at constant 2018 prices rose to PHP1.76 trillion, a 0.4 percent increase from PHP1.75 trillion in 2022. Crop production value increased to PHP1.0 trillion, up by 0.7 percent from PHP994 billion. Additionally, livestock production grew by 2.4 percent to PHP263.3 billion, and the value of poultry production increased by 3.8 percent to PHP262 billion. However, the PSA reported a decline in the value of fisheries production, dropping from PHP252 billion in 2022 to PHP236 billion in 2023.