PSA revises upward 3Q PH economic growth to 6%

MANILA – The Philippine Statistics Authority (PSA) on Tuesday revised upward the third quarter Philippine economic growth to 6.0 percent from 5.9 percent .

In a statement, the PSA said major contributors to the upward revision in the gross domestic product (GDP) growth were manufacturing which grew by 1.8 percent, up than the earlier 1.7 percent growth; financial and insurance activities, from 9.5 percent to 9.6 percent; and accommodation and food service activities, from 20.0 percent to 21.0 percent.

The growth rate of the Gross National Income in the third quarter of 2023 was maintained at 12.1 percent annually.

The annual growth of the Net Primary Income from the Rest of the World, on the other hand, was revised downward from 112.5 percent to 111.6 percent.

"The Philippine Statistics Authority revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions," the PSA said.

Official fourth quarter and full-year 2023 Philippine economic growth will be released on Wednesday. Agriculture growth

In a separate report, the PSA said that the total value of agriculture and fisheries production slightly went up last year.

The PSA said the value of production in agriculture and fisheries at constant 2018 prices amounted to PHP1.76 trillion, higher by 0.4 percent than the PHP1.75 trillion in 2022.

The value of crops production which amounted to PHP1.0 trillion, also grew by 0.7 percent from PHP994 billion.

Livestock production likewise grew by 2.4 percent to PHP263.3 billion while the value of poultry production also went up by 3.8 percent to PHP262 billion.

The PSA, however, recorded a decline in the value of fisheries production from PHP252 billion in 2022 to PHP236 billion in 2023. (PNA)