Philippines’ Q1 economic growth upgraded to 5.8% ahead of Q2 stats release

The Philippines’ economic growth recorded in the first quarter of 2024 has been upgraded slightly, a day before the second quarter gross domestic product (GDP) data is released.

In a statement on Wednesday, the Philippine Statistics Authority announced that the GDP growth rate in the January to March period was revised upward to 5.8% from the earlier reported 5.7% growth in May.

“Major contributors to the upward revision were: Financial and insurance activities, from 10% to 10.3%; Wholesale and retail trade; repair of motor vehicles and motorcycles, from 6.4% to 6.6%; and Electricity, steam, water and waste management, from 6.3% to 6.9%,” the PSA said.

The Statistics agency added that upgrades were also seen in the first quarter in annual growth rates of the Gross National Income from 9.7% to 9.8%, and the Net Primary Income from the Rest of the World from 57% to 57.6%.

The second quarter figures, meanwhile, are scheduled to be released on Thursday, August 8, 2024.

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