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Philippines: GDP growth in 2021 revised upward to 5.7%
MANILA, Philippines — The Philippine economy expanded at a slightly faster pace of 5.7 percent last year, the Philippine Statistics Authority (PSA) reported yesterday.
The PSA said the country’s gross domestic product (GDP), a measure of economic output, grew by 5.7 percent for the full year 2021.
This is slightly higher than the 5.6 percent growth reported in January.
Similarly, the fourth quarter GDP was also revised upward to 7.8 percent from the 7.7 percent preliminary estimate.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the upward revision could be attributed to measures to further reopen the economy toward greater normalcy, especially at the tail end of 2021.
This, as the Philippines saw a significant reduction in new COVID cases to less than 1,000 per day toward the fourth quarter after the government ramped up its COVID vaccination drive.
Ricafort noted that the holiday season could have also contributed to the higher GDP as the ‘ber’ months account for a significant share of sales and revenues for many businesses and industries.
“This could also be attributed to the adoption of granular lockdowns and alert level systems nationwide, thereby a de facto measure to further reopen the economy that entailed increased economic activities,” he said.
For this year, the economic team is looking at a seven to nine percent GDP growth as the country moves toward the new normal.
GDP adjustments are regularly done as a consideration to the late release or updates of some pertinent data. It is also consistent with international standard practices on national accounts revisions.
Source: https://www.philstar.com/business/2022/04/08/2172994/gdp-growth-2021-revised-upward-57