Philippines revises Q2 GDP to 6.7% from 6.5%

The Philippine economy grew by 6.7 percent in the second quarter of 2017, the Philippine Statistics Authority (PSA) said Wednesday, citing revised estimates in the national income accounts.

"Gross domestic product (GDP) for the second quarter of 2017 was revised upward from 6.5 to 6.7 percent," the PSA said.

"The PSA revises the GDP estimates based on an approved revision policy, which is consistent with international standard practices on national accounts revisions," it said.

Revising the quarterly GDP numbers is a regular step done by the statistics office.

The PSA reported earlier a second quarter growth rate of 6.5 percent.

"The top three contributors to the upward revision were financial intermediation; construction; and real estate, renting and business activities," the PSA said.

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

The revision comes a day before the PSA is set to release the third quarter GDP data. — Ted Cordero/VDS, GMA News