The first quarter Gross Domestic Product (GDP) growth rate was revised downward to 8.2 percent from the preliminary estimate of 8.3 percent, the Philippine Statistics Authority (PSA) said Monday.

The major contributors to the downward revision were real estate and ownership of dwellings, from 7.9 percent to 5.9 percent; manufacturing, from 10.1 percent to 9.8 percent; and wholesale and retail trade; repair of motor vehicles and motorcycles, from 7.3 percent to 7.0 percent.

The growth rate in Net Primary Income (NPI) from the Rest of the World recorded an upward revision from 103.2 percent to 105.4 percent.

Meanwhile, the growth rate in Gross National Income (GNI) in the first quarter of 2022 recorded a downward revision from 10.7 percent to 10.6 percent.

The Philippine Statistics Authority (PSA) revised 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. PSA