Philippines revises second-quarter economic growth up to 7.5%

The Philippine Statistics Authority (PSA) on Wednesday announced a slight upward revision to the country’s second-quarter economic growth, citing upgrades in construction, real estate, and manufacturing.

In a statement, the PSA said the second-quarter gross domestic product (GDP) grew by 7.5%, slightly higher than the earlier announced 7.4%.

Among the major factors for the revision were construction which grew by 19.5% versus the earlier 19.0%; real estate and ownership of dwellings up 4.4% from 3.9%; and manufacturing up 2.2% from 2.1%.

“The Philippine Statistics Authority revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” the PSA said.

It also revised upward the growth rate of net primary income to 65.3% from 64.8%, while maintaining the gross national income (GNI) growth rate of 9.3%.

The announcement comes a day ahead of the release of third-quarter economic data scheduled on Thursday, November 10. — RSJ, GMA Integrated News