PSA revises Q3 2020 GDP upward to -11.4% from -11.5%

The Philippine economy performed less worse than earlier reported in the third quarter of 2020 due to revisions on some economic contributors, the Philippine Statistics Authority (PSA) reported Wednesday.

The PSA revised upward the third quarter 2020 gross domestic product to -11.4%, a slightly slimmer contraction than earlier reported -11.5%. 

“Major contributors to the revision were Real Estate and Ownership of Dwellings, from -22.5% to -19.4%; Education, from -21.4% to -17.8%; and Other Services, from -53.4% to -49.9%,” it said.

The PSA’s revision came a day before the release of fourth quarter and full-year 2020 economic figures on Thursday, January 28, 2021.

The statistics agency maintained the gross national income (GNI) rate of -13%, but revised downward the net primary income (NPI) from -28.2% to -29%.

The PSA revises the GDP estimates based on an approved revision policy, which is consistent with international standard practices on national accounts revisions.

Revising the quarterly GDP numbers is a regular step done by the PSA to comply with international standards.

For the full-year 2020, economic managers are expecting the economy to contract by as much as 5.5%, taking in the effects of the community quarantines set in place since March to curb the spread of COVID-19. —KG, GMA News