Q3 economic growth revised down to 6.9%

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Metro Manila (CNN Philippines, January 26) — The economy grew 6.9% in the third quarter of 2021, but slower than initially reported, latest Philippine Statistics Authority estimates show.

The PSA announced on Wednesday the revision, which is milder than the 7.1% growth first estimated for July to September.

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Financial and insurance activities topped the major contributors to the updated revision — with growth settling at 6.4% from the prior 3.9%.

Professional and business services are now reported to have expanded by 10.6%, but down from 11.5%. Real estate and ownership of dwellings, meanwhile, only grew by 3.8%, lower from the previous 4.7%.

The gross national income growth rate was likewise revised down to 2.7% from 2.8%.

However, net primary income from the rest of the world now has a -50.6% growth compared to -52.3% prior to it.

The agency revises growth estimates based on PSA Board Resolution No. 1, Series of 2017-053 which is consistent with global standard practices on the revision of national accounts.

The PSA’s announcement comes a day before its report on preliminary estimates for fourth quarter economic growth.