Q1 economic growth downgraded to 8.2%, says PSA

Economic growth in the first quarter was slightly weaker than initially reported, given revisions in several sectors, the Philippine Statistics Authority (PSA) reported Monday.

The first quarter economic growth was revised downward to 8.2% from the earlier reported 8.3%, 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 (NPI) 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 (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 PSA is scheduled to release growth figures for the second quarter of the year on Tuesday, August 9, 2022. — RSJ, GMA News