The Philippine Statistics Authority-National Statistical Coordination Board (PSA-NSCB) announced on Wednesday that the revised gross domestic product (GDP) for the third quarter of 2013 was recorded at 6.9 percent, or 0.1-percentage point less than the originally announced economic growth figure.
From its initial report in November, the PSA-NSCB initially said that the third quarter GDP was 7 percent, driven by robust real estate performance, services sector and industry sector, as well as the positive business climate in the country.
But the actual 6.9-percent third quarter growth would contradict earlier government confidence of achieving above 7-percent GDP for the third quarter of last year, as earlier said by Socioeconomic Planning Secretary Arsenio Balisacan.
The statistical board said that the largest contributor to the downgrade of the revised GDP was the other services sector.
Though the GDP declined, the actual gross national income (GNI)—or Filipinos’ economic contribution whether locally or internationally—increased by 0.4 percent to 8.1 percent.
“As a result of all the revisions for the third quarter, GDP growth was revised downward from 7 percent to 6.9 percent.
Meanwhile, net primary income from the rest of the world contributed 0.4 percentage point resulting [in]the upward revision of GNI from 7.8 percent to 8.1 percent,” the PSA-NSCB said.
The recorded GDP growths for 2013 were 7.7 percent for the first quarter and 7.6 percent for second quarter.