GDP growth rate for Q3 2022 steady at 7.6 percent

The third quarter 2022 Gross Domestic Product (GDP) growth rate was maintained at 7.6 percent, according to the Philippine Statistics Authority (PSA).

However, changes were observed in all industries except Public administration and defense; compulsory social activities.

The major contributors were: Real estate and ownership of dwellings, from 3.1 percent to 3.6 percent; Financial and insurance activities, from 7.7 percent to 7.9 percent; and Manufacturing, from 3.6 percent to 3.8 percent.

The growth rate of Net Primary Income (NPI) from the Rest of the World recorded an upward revision from 94.6 percent to 95.1 percent.

Meanwhile, the Gross National Income (GNI) in the third quarter of 2022 remained at 10.5 percent.

The PSA revised the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions.