Q2 GDP growth rate kept at 4.3% – PSA

MANILA, Philippines —  The country’s economic growth rate was kept at 4.3 percent in the second quarter, but revisions were made in three sectors, according to the Philippine Statistics Authority (PSA).

“The gross domestic product (GDP) for the preliminary second quarter 2023 was maintained at 4.3 percent, as of November 2023,” the PSA said in a statement yesterday.

It said changes, however, were recorded in three sectors.

In particular, the growth rate for financial and insurance activities was revised to 5.3 percent from five percent.

For education, the growth rate was upgraded to 6.9 percent from 6.4 percent.

The growth rate for construction was also adjusted to 3.6 percent from 3.5 percent.

The Net Primary Income (NPI) from the rest of the world was revised upward to 90.7 percent from 90.6 percent.

Gross National Income, which covers the GDP and NPI from overseas in the second quarter, was also maintained at 8.6 percent.

The PSA said it revises GDP estimates based on an approved policy, which is consistent with international standard practices.

Data on the third quarter economic performance will be released by the PSA today (Nov.9).

The economy grew by 5.3 percent in the first-half.

National Economic and Development Authority Secretary Arsenio Balisacan said earlier the economy would need to grow by 6.6 percent in the second semester to attain the government’s six to seven percent growth target for the year.