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People shop for gifts in Divisoria market, Manila. — PHILIPPINE STAR /EDD GUMBAN THE PHILIPPINE Statistics Authority (PSA) on Tuesday said it kept the country’s gross domestic product (GDP) growth rate at 5.2% for the third quarter.
The PSA said gross national income remained unchanged at 6.8%. Net primary income from the rest of the world for the third quarter was lowered to 19.2% from 19.3%.
The PSA also noted some changes in some components of the national accounts.
On the demand side, private consumption was raised to 5.2% in the third quarter from the 5.1% initially reported. Likewise, gross capital formation — the investment component of the economy — was raised to 13.7% from 13.1%.
Meanwhile, the contraction in exports of goods and services deepened to 1.4% in July to September from the 1% drop initially estimated.
Growth rates for government spending (5%) and imports of goods and services (6.4%) were unchanged.
On the supply side, the decline in agriculture was lowered to 2.7% from the 2.8% contraction previously reported.
Growth in industry was raised to 5.1% from 5%, largely thanks to manufacturing, which rose to 3% from 2.8%.
Service sector growth was kept at 6.3%, but some of its subsectors saw changes.
Upward revisions were recorded in education to 4.1% from 2.6%, human health and social work activities to 12.7% from 11.9%, and financial and insurance activities to 9.1% from 8.8%.
Meanwhile, other services’ growth was trimmed to 6.5% from 7.3%.
Subsectors that saw downward revisions were wholesale and retail trade to 4.9% from 5.2%, information and communication to 4.1% from 4.3%, real estate and ownership of dwellings to 5.2% from 5.4%, and professional and business services to 8.2% from 8.3%.
The revision came ahead of the fourth-quarter and full-year 2024 GDP data on Thursday, Jan. 30.
A BusinessWorld poll of 18 economists late last week showed a median estimate of 5.8% GDP growth in the October-to-December period, matching growth in the fourth quarter of 2023.
The poll also yielded a 5.7% growth estimate for 2024. This would be below the government’s 6-6.5% GDP growth target for the year, but faster than 5.5% growth in 2023. — Kenneth H. Hernandez
