PSA revises Q1 GDP growth estimates from 8.3% to 8.2%
THE Philippine Statistics Authority (PSA) revised the country’s GDP growth downward to 8.2 percent in the first quarter of 2022, but this remained within expectations as far as data estimates are concerned.
The initial estimate was at 8.3 percent. National Statistician Claire Dennis S. Mapa told reporters on Monday that when it comes to GDP growth, there is usually a plus or minus 0.1-percentage point allowance in estimates.
This is particularly the case when data is obtained from nongovernment sources. Mapa said when the PSA comes up with preliminary estimates, data sources are usually 70 percent complete but in terms of sectors, there are those that are only 50 percent complete.
“The first time we report, usually it’s at 70 percent, but this is mixed. For agri, it’s 100 percent because it’s (based on a government) survey. You will notice that usually, (adjustments are) in financial, real estate because we must depend on the financial statements of companies. So here, sometimes just 50 percent (of the data are made available to us). So it’s really the data sources,” Mapa explained.
The PSA said major contributors to the downward revision were Real estate and Ownership of dwellings, the growth of which was revised downward to 5.9 percent from the initial 7.9 percent.
Other major contributors to the revisions were manufacturing, which was revised to 9.8 percent from the initial estimate of 10.1 percent; and Wholesale and retail trade, repair of motor vehicles and motorcycles, to 7 percent from 7.3 percent.
Meanwhile, the growth rate in Net Primary Income (NPI) from the Rest of the World recorded an upward revision to 105.4 percent from 103.2 percent.
However, the growth rate in Gross National Income (GNI) in the first quarter of 2022 recorded a downward revision to 10.6 percent from 10.7 percent.
Making room for these adjustments, Mapa said, has already become part of the PSA’S revision policy.
PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions.