THE country's gross domestic product (GDP) growth for the first quarter of 2022 has been revised downward to 8.2 percent from the earlier 8.3 percent, the Philippine Statistics Authority (PSA) said on Monday.
"The major contributors to the downward revision were: real estate and ownership of dwellings, from 7.9 percent to 5.9 percent; manufacturing, from 10.1 percent to 9.8 percent; and wholesale and retail trade; repair of motor vehicles and motorcycles, from 7.3 percent to 7.0 percent," National Statistician Dennis Mapa said in a report.
It noted that the growth rate in net primary income from the rest of the world recorded an upward revision from 103.2 percent to 105.4 percent. Meanwhile, the growth rate in gross national income in the first quarter of 2022 recorded a downward revision, from 10.7 percent to 10.6 percent.
"The Philippine Statistics Authority 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," Mapa said.
Earlier, Bangko Sentral ng Pilipinas Governor Felipe Medalla said that the Philippine economy may expand by 8 to 9 percent in the second quarter of the year and 7 percent for the whole of 2022.
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"I'm actually quite bullish on the economy under the current President [Ferdinand 'Bongbong' Marcos Jr.]... I would say 80 percent of the economy is now way above pre-pandemic levels," Medalla said during a recent online business forum organized by The Manila Times titled "Charting the Course at the Changing of the Guard."
The PSA will announce the country's actual GDP growth for the first quarter of the year today, Aug. 9, 2022.