Fish cages in Laguna De Bay are seen from Cardona, Rizal Province, March 30, 2022. Photo by Michael Varcas, The Philippine Star 

THE PHILIPINE Statistics Authority (PSA) said on Wednesday it kept the gross domestic product (GDP) growth rate for 2022 and 2021 unchanged. 

PSA data showed GDP — the value of all finished goods and services produced in the country at a given period — rose by 7.6% last year, as initially reported on Jan. 26. This was the fastest economic growth since the 8.8% reading in 1976. 

The 2021 GDP growth was also unchanged at 5.7%. 

However, the PSA revised the fourth quarter 2022 GDP expansion to 7.1%, a tad slower than the 7.2% preliminary estimate. The fourth quarter print was lower than the 7.7% growth in the third quarter of 2022, and the 7.9% print in the same three months in 2021. 

The PSA also maintained the gross national income — the sum of the nation’s GDP and net primary income from the rest of the world — unchanged at 9.9% and 1.7% in 2022 and 2021, respectively. 

There were no changes to the growth in services (9.2%) and agriculture (0.5%) in 2022, but industry sector’s expansion was revised downwards to 6.5% from the 6.7% it initially reported. 

For the fourth quarter, the growth of industry sector was also lowered to 4.6% from the 4.8% previously reported. 

The PSA also downwardly revised the growth rates of following industry subsectors: mining and quarrying (1.8% from 4.2%), manufacturing (3.9% from 5.6%) and construction (6.2% from 6.3%). 

On the expenditure side, growth in government spending was revised to 4.9% in 2022 from 5% preliminary figure. Household consumption growth was unchanged at 8.3% in 2022. 

Also unchanged were government spending and household consumption figures for the fourth quarter. 

For trade in goods and services, the PSA revised the imports growth in the fourth quarter to 7%, from 5.9% previously. Exports growth was unchanged at 14.6% in the fourth quarter. 

On an annual basis, exports growth was revised to 10.9% from 10.7% previously, while imports growth was upgraded to 13.9% from 13.1% previously. 

Gross capital formation, the investment component of the economy was lowered to 13.8% from 16.8% in 2022. For the fourth quarter, gross capital formation growth was downwardly revised to 3.8%, from the preliminary estimate of 5.9%. 

National account revisions are based on approved revision policy, which is consistent with international standard practices, the PSA said. – Abigail Marie Pelea Yraola 

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