MANILA, Jan. 26 (Xinhua) -- The Philippines has revised the third quarter of 2021 gross domestic products (GDP) growth rate to 6.9 percent from a preliminary estimate of 7.1 percent, the Philippine Statistics Authority (PSA) said on Wednesday.
The PSA said the major contributors to the downward revision were financial and insurance activities, from 6.4 percent to 3.9 percent; professional and business services, from 11.5 to 10.6 percent; and real estate and ownership of dwellings, from 4.7 to 3.8 percent.
The PSA will announce this week the Philippines' GDP growth for the fourth quarter and the full-year growth rate for 2021.
The Philippine economy grew by 12 percent year-on-year in the second quarter last year, ending five straight quarters of decline in GDP mainly due to pandemic.
According to a report of the World Bank, the Southeast Asian country's economy is forecast to grow by 5.3 percent this year before accelerating to an average of 5.8 percent in 2022-23 on the way to recovery. ■
