The Philippine Statistics Authority (PSA) said gross domestic product (GDP) growth in the first quarter of the year has been revised downward to 5.6 percent from the previously reported 5.7 percent.
In a statement on Wednesday, the agency said the new GDP figure for the first quarter reflects the lower-than-earlier-estimated growth in transportation, storage, and communication; mining and quarrying; and financial intermediation sectors.
Also, the net primary income for the first quarter was revised downward from 17.3 percent to 15.0 percent, it added.
“This contributed a negative 0.08 percentage point to the downward revision of the gross national income from 7.6 percent to 7.2 percent,” the PSA said.
In an explanatory note, the PSA said it revised the GDP estimates based on a revision policy approved by the former NSCB Executive Board, which is consistent with international standard practices on national accounts revisions.
The official GDP figure for the second quarter is set to be released today, Thursday.