The country’s economy grew at a much slower pace in the third-quarter last year, the Philippine Statistics Authority (PSA) announced on Wednesday, Jan. 26.
In a statement, the PSA said the economy, as measured by gross domestic product (GDP), grew by 6.9 percent from July to September 2021, slower than the preliminary estimate of 7.1 percent released last Nov. 9.
The third-quarter GDP was also weaker than the 12 percent expansion recorded in April to June 2021. This, however, was a reversal of the 11.6 percent contraction a year earlier.
The major contributors to the downward revision were financial and insurance activities, from 6.4 percent to 3.9 percent; professional and business services, from 11.5 percent to 10.6 percent; and real estate and ownership of dwellings, from 4.7 percent to 3.8 percent.
Meanwhile, the growth rate in net primary income (NPI) from the rest of the world recorded an upward revision from -52.3 percent to -50.6 percent.
Moreover, the growth rate in gross national income (GNI) in the third quarter recorded a downward revision from 2.8 percent to 2.7 percent.
The PSA is set to announce the fourth-quarter Philippine economic performance on Thursday, Jan. 27.