During the July-September period, the Philippine economy expanded by 6.9%, lower than the 7.1% reported in November.
The major contributors to the downward revision were financial and insurance activities , professional and business services , and real estate and ownership of dwellings .Gross national income — the sum of the nation’s GDP and net primary income from the rest of the world — was likewise lowered to 2.7% growth from 2.8%.
The cuts came before the release of preliminary estimates for fourth-quarter and full-year 2021 GDP today .poll showed a median estimate growth of 6.5% for the fourth quarter and 5.3% for full-year 2021. The fourth-quarter forecast will be a turnaround from the 8.3% decline seen in theIf the full-year 2021 forecast is realized, it will reverse the record 9.6% decline in 2020, but still lower than 6.1% in 2019. This also puts the 2021 estimate within the government’s forecast range of 5-5.5%.
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