PSA revises 2016 GDP to 6.9% from 6.8%

The Philippine economy grew by 6.9 percent last year, driven by the construction, mining and quarrying sectors, the Philippine Statistics Authority (PSA) said, citing revised estimates based on an approved revision policy consistent with international standard practices on national accounts revisions.

"The annual growth rate of GDP (gross domestic product) for 2016 was revised upward at 6.9 percent," the PSA said in a statement.

The PSA earlier reported the 2016 growth rate at 6.8 percent, the fastest since 2013, after growing by 6.6 percent in the fourth quarter. The fourth quarter GDP results were unchanged.

The GDP measures the value of goods and services produced by a nation in a given period.

"The major contributors to the upward revision in 2016 were Construction, Mining and Quarrying and Other Services," the PSA said. — Jon Viktor Cabuenas/VDS, GMA News