Q2 GDP contraction adjusted to -16.9%

State statisticians on Monday lowered the official second quarter gross domestic product (GDP) contraction to -16.9 percent from the earlier -16.5 percent.

“Major contributors to the revision were real estate and ownership of dwellings, from -20.1 percent to -29.7 percent; wholesale and retail trade; repair of motor vehicles from -13.1 percent to -13.9 percent; and financial and insurance activities from 6.8 percent to 5.4 percent,” said the Philippine Statistics Authority (PSA) in a report.