The economy performed better in the second quarter than initially announced, the Philippine Statistics Authority (PSA) said on Wednesday.
Gross domestic product (GDP) growth for the April-June period was revised to 5.8 percent from 5.6 percent, the agency announced ahead of Thursday’s release of third quarter GDP data.
First half economic growth subsequently picked up to 5.4 percent from 5.3 percent
The PSA said the revision primarily reflected adjustments for other services; trade and repair of motor vehicles, motorcycles, personal and household goods; and construction.
The agency also revised the net primary income figure for the second quarter to 3.6 percent from 2.2 percent.
“This contributed 0.22 percentage point to the upward revision of gross national income from 5.0 percent to 5.4 percent,” it said.
In a note explaining the changes, the PSA said the revision of the GDP data was in accordance with policy approved by the former National Statistical Coordination Board’s (NSCB) Executive Board that is consistent with international standard practices.
The PSA was formed in 2013 via the merger of the NCSB, National Statistics Office, Bureau of Agricultural Statistics and Bureau of Labor and Employment Statistics.
The official GDP figure for the third quarter is set to be released today, Thursday, with estimates by economists from private banks ranging from 5.8 percent to 6.5 percent.
The government is targeting growth of 7 percent to 8 percent for this year but admits the full-year result will be closer to 6 percent.