Q2 growth revised to 6.4% from 6.3%
The Philippine economy grew slightly faster than initially reported in the second quarter, the Philippine Statistics Authority (PSA) said on Wednesday.
The PSA said in a statement that the country’s gross domestic product (GDP) expanded by 6.4 percent in the April-to-June period, not just 6.3 percent as previously reported.
The second quarter growth in economic output was faster than 4.3 percent recorded in the same period last year and the 5.8-percent expansion in the first quarter.
The manufacturing sector was the key contributor to the upward revision, as its growth accelerated to 3.9 percent from the previous 3.6 percent.
Other sectors that saw growth include accommodation and food services, which rose to 12.1 percent from 10.4 percent, and real estate and ownership of dwellings, which grew to 7.6 percent from 7.2 percent.
Meanwhile, upward revisions were also observed in the second quarter in the gross national income—the sum of the country’s GDP and net primary income from the rest of the world which increased to 8.1 percent from 7.9 percent.
The net primary income from the rest of the world was also higher at 25.7 percent from the earlier 24.7 percent.
The PSA revises the GDP estimates based on an approved revision policy consistent with international standard practices on national accounts revisions. Meanwhile, GDP data for the third quarter will be released today.
Philippine economic growth likely slowed down to 5.9 in the third quarter, according to an Inquirer poll of nine economists conducted last week.
If realized, this would bring the average GDP growth for the first three quarters to 6 percent, which is at the lower-end of the government’s target of 6 to 7 percent for the year.
