{"id":31031,"date":"2022-11-10T08:39:37","date_gmt":"2022-11-10T01:39:37","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=31031"},"modified":"2024-09-19T17:06:28","modified_gmt":"2024-09-19T10:06:28","slug":"the-philippines-revises-q2-economic-growth-rate","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/the-philippines-revises-q2-economic-growth-rate\/","title":{"rendered":"The Philippines revises Q2 economic growth rate"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">From 7.4 percent, it grew slightly, reaching a final rating of 7.5 percent<\/span><\/p>\n<figure id=\"attachment_31054\" aria-describedby=\"caption-attachment-31054\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-31054 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/11\/shutterstock_516718864.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/11\/shutterstock_516718864.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/11\/shutterstock_516718864-400x267.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/11\/shutterstock_516718864-600x400.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/11\/shutterstock_516718864-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-31054\" class=\"wp-caption-text\">Meanwhile, some analysts have predicted that the Philippines might not even achieve the target range of 6.5 to 7.5 percent for 2022. r.nagy\/Shutterstock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Philippine Statistics Authority (PSA) announced Wednesday that the country&#8217;s Q2 economic growth was revised upward due to improvements in construction, real estate, and manufacturing, reported <\/span><a href=\"https:\/\/www.gmanetwork.com\/news\/money\/economy\/850800\/philippines-revises-second-quarter-economic-growth-up-to-7-5\/story\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">GMA News Online<\/span><\/a><span style=\"font-weight: 400;\">. From 7.4 percent, it grew slightly, reaching a final rating of 7.5 percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The major factors for the revision were construction which increased by 19.5 percent (previously 19 percent); real estate and ownership of dwellings up 4.4 percent (previously 3.9 percent); and manufacturing up 2.2 percent (previously 2.1 percent).<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/firms-increase-growth-forecast-for-the-philippines-46-of-the-population-optimistic\/\" target=\"_blank\" rel=\"noopener\"><strong>More: Firms increase growth forecast for the Philippines<\/strong><\/a><\/p>\n<p><span style=\"font-weight: 400;\">However, economic growth slowed down in Q3, according to <\/span><span style=\"font-weight: 400;\">CNN Philippines<\/span><span style=\"font-weight: 400;\">, which was likely due to rising inflation and the plunging peso, affecting consumers&#8217; purchasing power.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A survey of 12 economists revealed growth forecasts ranging from 4.6 percent to 7.7 percent, averaging 6.1 percent. This number is weaker in comparison to Q2\u2019s 7.4 percent. It also showed a median GDP growth estimate of 6.2 percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, some analysts have predicted that the Philippines might not even achieve the target range of 6.5 to 7.5 percent for 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, according to Sonia Zhu, an associate economist at Moody&#8217;s Analytics, the Philippines is on track to meet its goal as a result of the government&#8217;s decision to offer subsidies to lessen the impact of higher food and other prices, as well as the easing of travel restrictions that helped the tourism sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ser Percival K. Pea-Reyes, associate director at the Center for Economic Research and Development at the Ateneo de Manila University, concurred with Zhu&#8217;s upbeat assessment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;We believe that the country is on track to meet the government growth target for the whole year. Perhaps, we could even exceed the target slightly (7.6% full-year real GDP growth),&#8221; he said.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The Property Report editors wrote this article. For more information, email: <a href=\"mailto:propertyreport@propertyguru.com\" target=\"_blank\" rel=\"noopener\">propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 7.4 percent, it grew slightly, reaching a final rating of 7.5 percent<\/p>\n","protected":false},"author":12,"featured_media":31054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[464],"class_list":["post-31031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-economy","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Philippines revises Q2 economic growth rate | Asia Property 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