The Philippines’ economic performance for the third quarter of 2021 was revised downward to 6.9 percent, the Philippine Statistics Authority (PSA) reported yesterday.
The third quarter figure is 0.2 basis points lower versus the earlier announced preliminary estimate of 7.1 percent.
The PSA said major contributors to the downward revision were financial and insurance activities, from 6.4 percent to 3.9 percent; professional and business services, from 11.5 percent to 10.6 percent; and real estate and ownership of dwellings, from 4.7 percent to 3.8 percent.
The PSA revises the gross domestic product estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions.
Meanwhile, the growth rate in net primary income from the rest of the world recorded an upward revision from -52.3 percent to -50.6 percent.
The PSA also reported that the growth rate in gross national income in the third quarter of 2021 recorded a downward revision from 2.8 percent to 2.7 percent.
The government is set to announce at 10 a.m. today the country’s fourth quarter and full year economic performance for 2021.
The Development Budget Coordination Committee in December revised upwards its growth assumptions for 2021, following a strong performance in the third quarter and as coronavirus cases significantly declined late last year.
The most recent growth assumption for 2021 was adjusted upwards to 5 to 5.5 percent.
Growth targets for the medium-term were retained at 7 to 9 percent for 2022 and at 6 to 7 percent by 2023 and 2024.
