PSA revises Q1 GDP downward to 6.6% from 6.8%

The Philippine economy grew by 6.6 percent in the first quarter of 2018, the Philippine Statistics Authority (PSA) said Wednesday, citing revised estimates in the national income accounts.

"The first quarter 2018 Gross Domestic Product (GDP) was revised to 6.6 percent from 6.8 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, the statistics agency said.

Revising the quarterly GDP numbers is a regular step done by the PSA to comply with international standards.

"Major contributors to the downward revision were other services, manufacturing, and agriculture and forestry," it said.

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

The PSA earlier reported a 6.8-percent growth in the first three months of the year, fueled by government spending. 

The revision comes a day before the PSA is set to release the second quarter GDP data. — MDM, GMA News