THE Philippine Statistics Authority (PSA) on Thursday said it kept the country’s gross domestic product (GDP) growth rate at 5.5% for the second quarter.
In a report, the PSA said the growth in gross national income — the sum of the nation’s GDP and net primary income from the rest of the world — for the second quarter was revised downward to 8% from the 8.2% initially reported.
The growth in net primary income from the rest of the world for the second quarter was also lowered to 30.3% from 32.8%.
The local statistics authority said there were downward revisions in some components of the national accounts, mainly on the supply side.
“Downward revisions were recorded in manufacturing (2.5% from 2.7%), financial and insurance activities (5.4% from 5.6%), and real estate and ownership of dwellings, (5.9% from 6.1%),” the PSA said.
Meanwhile, the following sectors saw upward revisions: wholesale and retail trade, repair of motor vehicles and motorcycles (5.3% from 5.1%); transportation and storage (8.8% from 8.3%); mining and quarrying (-1.3% from -2.9%).
There were no revisions for demand-side components, which include household spending, government disbursement, investment, and net exports.
In the first six months of 2025, the economy grew by 5.4%, slightly below the government’s 5.5% to 6.5% growth goal.
Third-quarter GDP data will be released on Nov. 7.
A BusinessWorld poll of 18 economists and analysts earlier showed a median estimate of 5.3% growth in the July-to-September period.
If realized, this would be slower than the 5.5% expansion in the second quarter, and slightly faster than the 5.2% expansion in the third quarter of 2024.
Economy Secretary Arsenio M. Balisacan earlier warned of a slowdown in the July-to-September period amid a corruption probe, slow public disbursements, global uncertainties and adverse weather conditions. — Aubrey Rose A. Inosante