Philippines upgrades Q4, 2021 economic growth figures

The Philippine Statistics Authority (PSA) on Thursday announced an upward revision to its fourth-quarter and full-year 2021 economic growth.

According to the PSA, the fourth-quarter growth rate was revised upward to 7.8% from the earlier announced 7.7%.

The latest quarterly reading is the highest since the economy grew by 12.1% in the second quarter of the past year. It compares with 7.0% in the third quarter of 2021, and -8.2% in the fourth quarter of 2020.

The agency also upgraded the full-year 2021 growth rate of the gross domestic product to 5.7% from the earlier announced 5.6%. Annual growth was recorded at -9.5% in 2020.

“The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” it said in a statement.

The PSA is scheduled to release growth figures for the first quarter of the year on May 12, 2022. —LBG, GMA News