Philippine Economic Growth Holds at 4.3% for Q2, PSA Reports

Manila – The Philippine economy’s growth rate for the second quarter of 2023 was confirmed to be steady at 4.3 percent by the Philippine Statistics Authority (PSA) on Wednesday.

According to Philippines News Agency, the PSA, despite the maintained overall growth rate, notable adjustments were made in several sectors. Financial and insurance activities saw an increase from 5.0 percent to 5.3 percent, education services adjusted up from 6.4 percent to 6.9 percent, and the construction sector exhibited a slight rise from 3.5 percent to 3.6 percent. The Gross National Income for the same quarter remained unchanged at 8.6 percent, while the Net Primary Income from the rest of the world saw a minor revision from 90.6 percent to 90.7 percent. These revisions are part of the PSA’s regular process aligning with global standards for national accounts, ensuring accurate and updated economic data. The third-quarter data on the Philippine economy’s growth is set to be released on November 9.