Metro Manila (CNN Philippines, April 7) — The Philippine Statistics Authority (PSA) announced on Thursday an upward revision to the country’s economic performance last year.
In a statement, the PSA said last year’s economic output grew slightly faster to 5.7%, a revised estimate from its initial 5.6%.
READ: PH economy grows 5.6% in 2021, above target after Q4 performance beats forecasts
The gross domestic product in the last quarter of 2021, meanwhile, was also revised to 7.8% from the preliminary estimate of 7.7%.
“The PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions,” it said.
In January, Socieconomic Planning Secretary Karl Chua said he remained bullish that the economy could return to pre-COVID level this year as the government moved to further ease restrictions.
He added that the economy is on track to hit the 7-9% growth pegged by economic managers for 2022 “so long as we fully go back to Alert Level 2 or lower by the end of this quarter.”
CNN Philippines’ Pilar Manuel contributed to this report.
