The Philippine Statistics Authority (PSA) said on Tuesday that it kept the gross domestic product (GDP) of the country at 5.2% for the third quarter.
The PSA said that the gross national income remained unchanged at 6.8%. The net primary income of the rest of the world for the third quarter was reduced to 19.2% of 19.3%.
The PSA also noticed some changes in some components of the national accounts.
On the demand side, private consumption was increased to 5.2% in the third quarter of the 5.1% that was initially reported. Likewise, gross capital formation – the investment component of the economy – was increased to 13.7% of 13.1%.
In the meantime, the contraction of the export of goods and services in July to September became to 1.4% to 1.4% of the initially estimated decrease of 1%.
Growth rates for government spending (5%) and the import of goods and services (6.4%) were unchanged.
On the supply side, the decrease in agriculture was reduced to 2.7% compared to the previously reported contraction of 2.8%.
The growth in the industry was increased to 5.1% of 5%, largely thanks to the production, which rose to 3% of 2.8%.
The growth of the service sector was kept at 6.3%, but some of his subsectors saw changes.
Opterse reviews were registered in education to 4.1% of 2.6%, the human health and social work activities up to 12.7% of 11.9% and financial and insurance activities to 9.1% of 8.8%.
In the meantime, the growth of other services was cut to 6.5% of 7.3%.
Subsectors that saw downward revisions were wholesalers and retail trade up to 4.9% of 5.2%, information and communication to 4.1% of 4.3%, real estate and ownership of homes up to 5.2% of 5.4 %, and professional and business services to 8.2 %of 8.3 %.
The revision occurred on Thursday, January 30 on the GDP data of the fourth quarter and 2024 GDP.
A Business world Poll from 18 economists at the end of last week showed a median estimate of 5.8% of GDP growth in the period from October to December, matching growth in the fourth quarter of 2023.
The survey also yielded an estimate of 5.7% at 2024. This would be below 6-6.5% GDP growth time of the government for the year, but faster than 5.5% growth in 2023. – Kenneth H. Hernandez