Manila: Domestic output in the first quarter of 2025 was kept at 5.4 percent, a day before the Philippine Statistics Authority (PSA) is scheduled to report the gross domestic product (GDP) results for the second quarter of this year. In a press release Wednesday, PSA said although the first quarter GDP figure was maintained, there were some revisions on several sectors.

According to Philippines News Agency, growth in the manufacturing sector was raised to 4.3 percent from 4.1 percent; real estate and ownership of dwellings, to 3.7 percent from 3.3 percent; and professional and business services to 5.2 percent from 5.0 percent. On the other hand, growth in the electricity, steam, water, and waste management was cut to 2.7 percent from 3.8 percent; financial and insurance activities to 6.9 percent from 7.2 percent; and information and communication to 4.7 percent from 5.6 percent.

PSA also reported the slash in the gross national income in the first three months this year to 7.2 percent from 7.5 percent previously, and the net primary income from the rest of the world to 22 percent from 24.6 percent. Economic managers, during the meeting of the Development Budget Coordination Committee last June 26, revised the government's medium-term macroeconomic assumptions and growth targets, among others, to take into account the latest economic developments both here and overseas.

GDP assumption for this year was cut from 6 percent to 8 percent to 5.5 percent to 6.5 percent. The assumption for 2026-2028 is a growth of between 6 percent to 7 percent, 'reflecting a more measured and resilient outlook amid global headwinds.'