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Philippines' GDP growth at 6% in Q3 2023
30 Jan '24
1 min read
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Insights
- The Philippines' GDP growth for Q3 2023 has been revised upward to 6 per cent from 5.9 per cent, mainly due to an increase in the manufacturing sector's growth from 1.7 per cent to 1.8 per cent.
- The country's GNI growth rate remained at 12.1 per cent annually, while NPI growth from the rest of the world was slightly adjusted down to 111.6 per cent.
The Philippines’ year-on-year (YoY) growth rate of the gross domestic product (GDP) for the third quarter (Q3) of 2023 has been revised upward to 6 per cent from the preliminary estimate of 5.9 per cent, according to the Philippine Statistics Authority (PSA). This revision is primarily attributed to the manufacturing sector, which saw its growth rate adjusted from 1.7 per cent to 1.8 per cent.
In contrast, the growth rate of the Philippines' gross national income (GNI) for the same period has been maintained at 12.1 per cent annually. However, there has been a slight downward revision in the annual growth of the net primary income (NPI) from the rest of the world, which was adjusted from 112.5 per cent to 111.6 per cent, as per PSA.
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