The Philippine Statistics Authority (PSA) said the economy posted a slight improvement in the third quarter of last year than earlier reported, following revisions related to manufacturing, financial insurance, and service activities.

The PSA said the expansion of the manufacturing industry propelled the country's gross domestic product (GDP) growth rate to 6.0 percent in July to September 2023, an upward revision from the earlier estimate of 5.9 percent.

The revised GDP figure also surpassed the 4.3 percent recorded in the second quarter.

According to the PSA report, the main factors contributing to the slight adjustment were the rise in the manufacturing industry at 1.8 percent, financial and insurance activities at 9.6 percent, and accommodation and food service activities at 21 percent.

Meanwhile, the growth rate of the gross national income was maintained at 12.1 percent, while the year-on-year growth of the net primary income from the rest of the world was revised downward from 112.5 percent to 111.6 percent.

“The Philippine Statistics Authority (PSA) 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,” the statistics agency said.

Before the upward revision, National Economic and Development Authority Secretary Arsenio M. Balisacan said the economy would have to grow 7.2 percent in the fourth quarter of 2023 to attain the low end of the 6.0 percent to 7.0 percent target band for the entire year.

For this year, the Interagency Development Budget Coordination Committee narrowed down its growth target to 6.5 percent to 7.5 percent, from the previous 6.5 to 8 percent expansion.

The PSA is scheduled to release the 2023 full-year economic performance on Wednesday, Jan. 31.