Philstar
GDP growth revised upward to 5.7%
The Philippine Statistics Authority (PSA) revised the full-year 2024 gross domestic product (GDP) growth rate upward to 5.7 percent from 5.6 percent.
The fourth quarter 2024 GDP growth was also revised upward to 5.3 percent from 5.2 percent.
Key contributors to the fourth quarter upward revision included manufacturing (3.3% from 3.1%), education (6.8% from 6.2%), agriculture, forestry and fishing (-1.6% from -1.8%), public administration and defense (7.2% from 7%), and other services (10.9% from 10.5%).
The GDP growth for the full year 2023 remained at 5.5 percent.
Revisions to GDP estimates are made according to PSA's approved revision policy, consistent with international standards.
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