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Q3 GDP revised down to 6.9%

January 26, 2022 - Wednesday 6:01 PM by GDM

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Economic growth in the third quarter of last year was softer than previously thought, the Philippine Statistics Authority reported Wednesday.
Gross domestic product growth in the third quarter was revised downward to 6.9 percent from the preliminary estimate of 7.1 percent, the PSA said in a statement on Wednesday.
The 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.
Despite the downgrade, the revised third quarter figure still smashed analysts' expectations.
A Bloomberg survey for that period had forecast growth to settle at 1.4 percent.
“Our progress in the third quarter shows that the recovery is accelerating and it is very likely that we will hit, or even exceed, the high-end of our growth target,” Socioeconomic Planning Secretary Karl Kendrick Chua said at a press conference last year.
At this rate, the economy likely hit the government’s 5-5.5 percent growth target for 2021 if recovery sustains its momentum.
Chua said the Philippines may return to its pre-crisis health “as early as first quarter of 2022” if the country transitions to less strict lockdowns.