PH economy grew slower in Q1 at 8.2%

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Metro Manila (CNN Philippines, August 8) — The Philippine economy expanded 8.2% in the first three months of 2022, milder than its initial 8.3% rate, the Philippine Statistics Authority said Monday.

The PSA’s revision was mainly driven by downward adjustments in the following sectors:

- real estate and ownership at 5.9%, from 7.9%

- manufacturing at 9.8%, from 10.1%

- wholesale and retail trade, repair of motor vehicles and motorcycles at 7%, from 7.3%

Despite the lower figure, the economy’s first-quarter expansion is still quicker than the 7.8% registered from October to December last year.

The agency also increased its growth estimate for Net Primary Income (NPI) from the Rest of the World growth from 103.2% to 105.4%. NPI refers to the difference between inflows and outflows of compensation of employees and property income.

However, it also revised downward its estimate for Gross National Income growth from 10.7% to 10.6%. GNI measures the total money earned by a country and covers both its gross domestic product and income from overseas.

“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,” it said.

The PSA will report on second quarter GDP figures on Aug. 9.