Economic growth in the first quarter was slightly weaker than initially reported, given revisions in several sectors, the Philippine Statistics Authority (PSA) reported Monday.
, which compares with 7.8% in the fourth quarter of 2021, and the -3.8% in the same quarter last year.
Major contributors to the downward revision were real estate and ownership of dwellings to 5.9% from 7.9%; manufacturing to 9.8% from 10.1%; and wholesale and retail trade to 7.0% from 7.3%. Meanwhile, the PSA upgraded the net primary income from the rest of the world to 105.4% from 103.2%, while downgrading the gross national income to 10.6% from 10.6%.
“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,” it said in a statement. The PSA is scheduled to release growth figures for the second quarter of the year on Tuesday, August 9, 2022.
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