30-1-2024 (MANILA) The Philippine Statistics Authority (PSA) revealed on Tuesday a slight upgrade in the year-on-year growth of gross domestic product (GDP) for the third quarter of 2023, adjusting it to 6 percent from the preliminary estimate of 5.9 percent.
Dennis Mapa, the head of PSA, explained in a statement, “The major contributors to the upward revision were manufacturing, from 1.7 percent to 1.8 percent; financial and insurance activities, from 9.5 percent to 9.6 percent; and accommodation and food service activities, from 20.0 percent to 21.0 percent.”
The PSA is set to announce the fourth-quarter performance of the economy and the GDP growth rate for the entirety of 2023 on Wednesday.
The government had anticipated GDP growth of 6 percent to 7 percent in 2023 and 6.5 percent to 7.5 percent in 2024.
