Second quarter economic growth was actually a higher 6.7 percent instead of 6.5 percent, the Philippine Statistics Authority (PSA) announced on Wednesday ahead of today’s release of third quarter results.
Financial intermediation, construction, and real estate, renting and business activities were the three biggest contributors to the upward revision, the PSA said in a statement.
“Net Primary Income from the Rest of the World had a downward revision of 7.0 percent from 8.6 percent. Gross National Income (GNI) was maintained at 6.8 percent,” the agency added.
It said the changes were based on an approved revision policy that is consistent with international standard practices.
The Q2 revision brings the first semester result to 6.6 percent, within the government’s 6.5-7.5 percent target for 2017.
Some analysts polled before the change was announced said the third quarter result would likely be better than 6.5 percent but factors such as lower government spending could have capped growth or even led to an easing.
A Manila Times poll of analysts resulted in a tight forecast range of 6.3-6.6 percent, representing a slowdown from the 7 percent recorded in the third quarter of last year.
Earlier this month, Socioeconomic Planning Secretary Ernesto Pernia expressed confidence that the economy had picked up pace in the July-September period.