PSA revises Q2 growth rate to 6.2% from 6%

The Philippine economy grew faster by 6.2 percent in the second quarter of 2018, the Philippine Statistics Authority (PSA) said Wednesday, citing revised estimates in the national income accounts.

"The second quarter 2018 Gross Domestic Product (GDP) growth was revised to 6.2 percent from 6.0 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 upward revision were other services; real estate, renting and business activity; and mining and quarrying," 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-percent economic growth performance in the second quarter of the year. 

The revision comes a day before the statistics agency is set to release the third quarter GDP data on November 8, Thursday. — LDF, GMA News