GDP estimate for the Philippines for Q2 2022 revised to 7.5%

The major contributors to the upward GDP forecast revision were construction, from 19.0 per cent to 19.5 per cent; real estate and ownership of dwellings, from 3.9 per cent to 4.4 per cent; and manufacturing, from 2.1 per cent to 2.2 per cent, according to a press release by the Philippine Statistics Authority (PSA), the central statistical authority of the Philippine government.

Despite the upward revisions of GDP and NPI, the growth rate of Gross National Income (GNI) in Q2 2022 was maintained at 9.3 per cent.

The 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.

ALCHEMPro News Desk (NB)