GDP 2015 growth revised up to 5.9%

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Q4 increases traced to utilities, transport, mining & quarrying

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The Philippine economy grew faster than earlier estimated for full year 2015, with the upward revision traced to greater utilities supply and income from transport, storage, financial intermediation, trade, and mining and quarrying, among others, the Philippine Statistics Authority (PSA) said.

Data released by the PSA on Wednesday showed gross domestic product (GDP) in the October to December period last year rose 6.5 percent, faster than the previously announced 6.3 percent for the quarter. That resulted in the upward adjustment to the full-year growth figure to 5.9 percent from 5.8 percent, National Statistician and PSA head Lisa Grace Bersales said.

The revisions were announced ahead of Thursday’s release of the 2016 first-quarter GDP growth data.

The PSA said the change primarily reflected upward adjustments to electricity, gas and water supply; public administration and defense; transport, storage, and communication; financial intermediation; trade; and mining and quarrying. The agency did not provide details or an explanation for the changes in these sectors.

Primary income, GNI growth
It said net primary income figure for the first quarter was also revised upward to 11.5 percent from 5.4 percent. Similarly, gross national income growth was also higher at 7.3 percent.

The PSA said the revision was done in accordance with an approved revision policy that is consistent with international standard practices on national accounts changes.

Official GDP figures for the first quarter of 2016 are due for release today, Thursday.

Economists from private banks have estimated growth in the January to March figure this year at between 6.1 percent and 7.6 percent.

The government is targeting growth of 6.8 percent to 7.8 percent for this year.

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