• Q3 GDP revised upward to 6.1%

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    The economy grew by 6.1 percent in the third quarter of last year, the Philippine Statistics Authority (PSA) said in Wednesday, faster than the initially announced 6 percent expansion.

    The revision for the July-October period was announced ahead of Thursday’s release of fourth quarter gross domestic product (GDP) growth data.

    The PSA said the change primarily reflected adjustments for trade and repair of motor vehicles, motorcycles, personal and household goods; transportation, storage, and communication; and construction.

    The net primary income figure for the third quarter remained at 4.7 percent. Similarly, gross national income growth remained unchanged at 5.8 percent.

    In a note explaining the changes, the PSA said the revision was based on approved revision policy that is consistent with international standard practices on national accounts changes.

    Official GDP figures for the fourth quarter and full-year 2015 are set to be released today, Thursday, with estimates by economists from private banks ranging from 5.7 percent to 6.4 percent.

    The government is targeting growth of 7 percent to 8 percent for this year but has conceded that the full-year result will be closer to 6 percent.

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