Q3 GDP maintained at 7.6%

Published January 25, 2023, 12:27 PM

by Chino S. Leyco

The country’s economic growth in the third quarter last year was maintained at 7.6 percent, the Philippine Statistics Authority (PSA) reported.

The PSA made the announcement a day before the scheduled release of the fourth-quarter and full-year 2022 gross domestic product (GDP) performance on Thursday, Jan. 26.

While the was no revision in the third-quarter GDP, the PSA noted that changes were observed in all industries except public administration and defense, and compulsory social activities.

The major contributors were real estate and ownership of dwellings, from 3.1 percent to 3.6 percent; financial and insurance activities, from 7.7 percent to 7.9 percent; and manufacturing, from 3.6 percent to 3.8 percent.

The growth rate of Net Primary Income (NPI) from the Rest of the World recorded an upward revision from 94.6 percent to 95.1 percent.

Meanwhile, the Gross National Income (GNI) in the third quarter of 2022 remained at 10.5 percent.

The inter-agency Development Budget Coordination Committee (DBCC) targets a GDP growth of 6.5 percent to 7.5 percent in 2022.