THE PHILIPINE Statistics Authority (PSA) said on Wednesday it kept the gross domestic product (GDP) growth rate for 2022 and 2021 unchanged.
PSA data showed GDP — the value of all finished goods and services produced in the country at a given period — rose by 7.6% last year, as initially reported on Jan. 26. This was the fastest economic growth since the 8.8% reading in 1976.
The 2021 GDP growth was also unchanged at 5.7%.
However, the PSA revised the fourth quarter 2022 GDP expansion to 7.1%, a tad slower than the 7.2% preliminary estimate. The fourth quarter print was lower than the 7.7% growth in the third quarter of 2022, and the 7.9% print in the same three months in 2021.
The PSA also maintained the gross national income — the sum of the nation’s GDP and net primary income from the rest of the world — unchanged at 9.9% and 1.7% in 2022 and 2021, respectively.
There were no changes to the growth in services (9.2%) and agriculture (0.5%) in 2022, but industry sector’s expansion was revised downwards to 6.5% from the 6.7% it initially reported.
For the fourth quarter, the growth of industry sector was also lowered to 4.6% from the 4.8% previously reported.
The PSA also downwardly revised the growth rates of following industry subsectors: mining and quarrying (1.8% from 4.2%), manufacturing (3.9% from 5.6%) and construction (6.2% from 6.3%).
On the expenditure side, growth in government spending was revised to 4.9% in 2022 from 5% preliminary figure. Household consumption growth was unchanged at 8.3% in 2022.
Also unchanged were government spending and household consumption figures for the fourth quarter.
For trade in goods and services, the PSA revised the imports growth in the fourth quarter to 7%, from 5.9% previously. Exports growth was unchanged at 14.6% in the fourth quarter.
On an annual basis, exports growth was revised to 10.9% from 10.7% previously, while imports growth was upgraded to 13.9% from 13.1% previously.
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