GDP growth revised upward to 5.7%

MANILA, Philippines — The economy expanded at a slightly faster pace in the fourth quarter of last year and full-year 2024 than initially reported, according to the Philippine Statistics Authority (PSA).

In a statement, the PSA said the fourth quarter 2024 gross domestic product (GDP) was revised upward to 5.3 percent from 5.2 percent.

National Statistician Dennis Mapa said in a Viber message that the top contributors to the upward adjustment in the fourth quarter GDP growth were manufacturing, which was revised to 3.3 percent from 3.1 percent; education (6.8 percent from 6.2 percent); agriculture, forestry and fishing (-1.6 percent from -1.8 percent); public administration and defense; compulsory social activities (7.2 percent from seven percent) and other services (10.9 percent from 10.5 percent).

As a result, the full-year 2024 GDP growth rate was also revised upward to 5.7 percent from 5.6 percent.

For full year 2023, the GDP growth rate was kept at 5.5 percent.

The PSA said revisions are made to the GDP estimates based on an approved revision policy, the PSA Board Resolution 1, Series of 2017-053, which is consistent with international standard practices.

Last March, National Economic and Development Authority Secretary Arsenio Balisacan said there is a need to revisit the government’s economic growth targets amid global economic uncertainties.

The last time the economic growth targets were adjusted by the Development Budget Coordination Committee (DBCC) was in December last year.

The DBCC revised the economic growth goal for this year to six to eight percent from the previous target of 6.5 to 7.5 percent.

For 2026 until 2028, the GDP growth target was adjusted to six to eight percent annually from 6.5 to eight percent, previously.

The PSA will report on the first quarter economic performance on May 8.