Philippines Q1 growth rate revised to 8.2%

The Philippine Statistics Authority (PSA) has reported that the country’s gross domestic product (GDP) grew by a revised 8.2% in January to March, slightly lower than the earlier growth figure of 8.3% reported in May. Rizal Commercial Banking Corp chief economist Michael Ricafort said the slight downward revision could be attributed to the Russia-Ukraine war that led to the sharp increase in the global prices of oil and other commodities. He said the Omicron surge in January partly slowed down growth following temporary restrictions that were eventually eased, allowing the economy to still rebound strongly. The PSA said the major contributor to the revision was real estate and ownership from 7.9% to 5.9%. Manufacturing also went down to 9.8% from the previously reported 10.1%.