Philippines downgrades Q3 2021 economic growth to 6.9%

The Philippines on Wednesday announced a downward revision to its third quarter 2021 economic growth, reflecting lower contributions from financial and insurance activities, professional and business services, and real estate during the period.

According to the Philippine Statistics Authority (PSA), the third quarter growth rate was revised downward to 6.9% from 7.1%.

This is still slower than the upwardly revised 12% in the second quarter of 2021. 

Among the major contributors to the revision were financial and insurance activities, down to 3.9% from 6.4%; professional and business services, down to 10.6% from 11.5%; and real estate and ownership of dwellings, down to 3.8% from 4.7%.

The growth rate in net primary income (NPI) from the rest of the world was revised upward to -50.6% from -52.3%, while the growth in gross national income (GNI) was revised downward to 2.7% from 2.8%.

“The PSA 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 agency is scheduled to release fourth quarter and full-year 2021 figures on Thursday. — VBL, GMA News