PHL 2024 GDP growth revised upwards to 5.7%

THE economy grew by a revised 5.7% in 2024, against 5.6% as initially reported, the Philippine Statistics Authority (PSA) said on Thursday.

It said the new estimate is more in line with international reporting practices.

GDP growth in 2024 outpaced the 5.5% expansion in 2023 and had been the strongest reading since the 7.6% expansion in 2022.

The PSA also revised gross national income (GNI) growth to 7.7% in 2024 after the preliminary reading of 7.6%.

The PSA lowered the GNI for 2023 to 10.4% from the 10.5% initial estimate.

Growth in net primary income from the rest of the world was revised upwards to 26.6% in 2024 from the preliminary figure of 26.1%.

The 2023 reading was revised to 96.6% from the 97% initially reported.

There were no changes to growth in the industry sector (5.6%) and the services sector (6.7%) but the agriculture sector’s contraction in 2024 was put at -1.5%, against the -1.6% preliminary estimate.

In the fourth quarter, agriculture declined 1.6%, against the 1.8% contraction previously reported.

The industry sector’s growth, on the other hand, was upwardly revised to 4.5% from the 4.4%.

Growth of the services sector was unchanged at 6.7%.

Mining and quarrying growth was revised downwards (-4.1% from -3.4%), as were electricity, steam, water and waste management (5.7% from 6.1%) and construction (7.7% from 7.8%).

On the other hand, manufacturing growth was raised to 3.3% from 3.1%.

The following services subsectors posted stronger growth than initially reported: education (6.8% from 6.2%), other services (10.9% from 10.5%), public administration and defense (7.2% from 7%), and accommodation and food service activities (6.3% from 6.1%).

On the expenditure side, government spending grew 7.3% against the 7.2% previously reported. On the other hand, in the three months to December, growth in state spending was lowered to 9% from the 9.7% preliminary estimate.

In 2024, household spending growth was unchanged at 4.8%, and 4.7% in the fourth quarter.

In trade in goods and services, the PSA kept export and import growth unchanged at 3.4% and 4.3% respectively in 2024.

Meanwhile, the PSA lowered import growth in the fourth quarter to 2.7%, from 3.2% previously. Export growth was unchanged at 3.2% in the quarter.

Gross capital formation, the investment component of the economy was unchanged at 7.5%.

In the fourth quarter, gross capital formation growth was 5.5%, against the 4.1% preliminary estimate. — Abigail Marie P. Yraola