Philippines upgrades 2021 GDP on stronger state spending
MANILA, Philippines — Government spending emerged as a bigger growth driver last year, with economic growth in 2021 more robust than initially thought by state statisticians.
Full-year gross domestic product growth was revised upward to 5.7% year-on-year in 2021 from the initial estimate of 5.6%, the Philippine Statistics Authority reported Thursday.
The changes were made after the GDP growth in the fourth quarter of last year was likewise upgraded to 7.8% from 7.7% previously.
To note, adjustments to GDP data are regularly conducted by the PSA to reflect economic data that belatedly arrived. Such tweaks are consistent with international practices.
The PSA did not provide a breakdown of sectors that triggered the revisions to GDP figures in its press release. But Nicholas Antonio Mapa, senior economist at ING Bank in Manila, noted improvements in state spending and capital formation.
"Revisions were made showing a more pronounced pickup in capital formation both in durable equipment and construction," Mapa said in a Viber message.
"Government spending was also revised higher. Net trade however deteriorated," Mapa added.
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