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Q2 GDP data revised but growth still 4.3%

SECOND-QUARTER (Q2) growth remains at 4.3 percent, but changes have been made with regard to several economic activities, the Philippine Statistics Authority (PSA) said on Wednesday.

The announcement was made a day before the release of preliminary third-quarter gross domestic growth (GDP) data, which most analysts expect to be an improvement from the slower-than-expected Q2 result.

The PSA said that growth in financial and insurance activities was raised to 5.3 percent from 5.0 percent, as were those for education and construction, to 6.9 percent and 3.6 percent from 6.4 percent and 3.5 percent previously.

Second-quarter gross national income growth was also kept at 8.6 percent while that for net primary income from the rest of the world was adjusted to 90.7 percent from 90.6 percent.

The PSA said that it revises GDP estimates based on approved policy that is consistent with international standards.

Analysts polled by The Manila Times over the weekend said Q3 growth could have ranged from 4.2 percent to as high as 6.0 percent, with the median forecast at 4.9 percent.

The full-year target of 6.0 to 7.0 percent, however, could be out of reach if the median is realized as the economy would have to expand by 8.4 percent in the last three months of 2023.