Q3 2022 economic growth maintained at 7.6%: PSA

The Philippines’ economic growth in the third quarter of 2022 was maintained at 7.6%, the same as what was initially reported in November last year, data released by the Philippine Statistics Authority (PSA) showed Wednesday.

The PSA’s announcement came a day before the government is expected to release the fourth quarter and full-year 2022 gross domestic product (GDP) growth rate on January 26, 2023.

In a statement, the Statistics authority said that although the third quarter GDP print was maintained at 7.6%, “changes were observed in all industries except public administration and defense; compulsory social activities.”

The major contributors to the economic growth during the period were real estate and ownership of dwellings which grew 3.6% from 3.1%; financial and insurance activities which went up to 7.9% from 7.7%; and manufacturing which jumped to 3.8% from 3.6%.

The PSA revises the GDP estimates based on approved revision policy, which is consistent with international standard practices on national accounts revisions.

The third quarter of 2022 is the Marcos administration’s first full quarter since it assumed office on June 30, 2022.

For the entire 2022, the government is expecting faster than the target 6.5% to 7.5% full-year GDP growth.

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