The Philippines revised downward its economic growth report for the third quarter of last year to 7 percent from an earlier estimate of 7.1 percent for the period, tracing the slight drop to less-than-expected activity in financial intermediation, real estate, renting and agriculture.
The revision was based on an approved revision policy that is consistent with international standard practices on national accounts revisions, the Philippine Statistics Authority (PSA) said on Wednesday.
“Gross National Income (GNI) and Net Primary Income from the Rest of the World were likewise revised to 6.2 percent and 2.3 percent, respectively. These are lower than the corresponding preliminary growths of 6.3 percent and 2.5 percent,” the PSA said in a statement.
The revisions were announced ahead of the release today (Thursday) of the fourth-quarter and full-year 2016 growth data.
Most of the nine analysts polled by The Manila Times had estimated that gross domestic product (GDP) in the October to December quarter grew at a slower pace of between 6.0 percent and 6.9 percent, compared with the third-quarter growth, which has just been revised to 7 percent, as well as the revised 6.5 percent in the year-earlier period.
Only one of them—Moody’s Analytics economist Jack Chambers—saw growth stepping up in the fourth quarter to 7.2 percent.
For the full year, their estimates of GDP growth range from 6.7 percent to 7 percent, leading to an average of 6.9 percent. That compares with the government’s official target of 6 percent to 7 percent.