GDP Q1 growth revised down to 6.8% from 6.9%

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The Philippine economy grew slower than earlier estimated for the first quarter of 2016, with trade, other services and public administration and defense accounting for the downward revision, the Philippine Statistics Authority (PSA) said.

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Data released by the PSA on Wednesday showed gross domestic product (GDP) in the January to March period this year rose 6.8 percent, milder than the previously announced 6.9 percent for the quarter.

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

“Relatedly, net primary income for the first quarter was revised downward from 10.7 percent to 9.9 percent, resulting [in]the downward revision of Gross National Income from 7.6 percent to 7.4 percent,” the PSA said in a statement.

The revision was made in accordance with an approved revision policy that is consistent with international standard practices on national accounts changes, it added.

Official GDP figures for the second quarter of 2016 are due for release Aug. 18.

Analysts have estimated growth in the April-to-June quarter this year at between 6.1 percent and 7.2 percent.

They see growth for the period likely boosted by election spending, higher government spending and private consumption.

For full-year 2016, the government is targeting growth of 6 percent to 7 percent.

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