PSA keeps 1st quarter GDP growth unchanged at 6.4%

The Philippine Statistics Authority (PSA) said on Wednesday it kept the gross domestic product (GDP) annual growth rate for the first quarter unchanged at 6.4%.

This came ahead of the release of the second-quarter GDP data today (Aug. 10).

A BusinessWorld poll of 21 economists conducted last week yielded a median estimate of 6% GDP growth for the April-to-June period. If realized, this would be slower than the 6.4% growth in the first quarter and the 7.5% expansion in the same period in 2022.

Meanwhile, the net primary income from the rest of the world was revised upwards to 82.4% from 81.2% previously. This brought the gross national income in the first quarter to 10%, from the 9.9% initially reported.

The PSA noted the major upward revisions in the industry side: accommodation and food service activities (27.8% from 26.9% initially); education (6.6% from 5.8%); and construction (11.1% from 10.8%).

It also raised growth rates in other services (37% from 36.5%); electricity, steam, water, and waste (7.21% from 6.8%); transportation and storage (14.6% from 14.3%); human health and social work activities (7.7% from 7.5%); and professional and business services (7.8% from 7.7%).

On the expenditure side, the PSA upwardly revised private consumption growth to 6.4% in the first quarter from the 6.3% initially reported.

Government spending growth was kept at 6.2%.

Gross capital formation was also revised upwards to 12.6% from 12.2%.

The growth of exports of goods and services was upgraded to 1% from 0.4%, while imports of goods and services were revised to 4.7% from 4.2% previously.

National account revisions are based on approved revision policy, which is consistent with international standard practices, the PSA said. — Andrea C. Abestano