Govt adjusts Q3 GDP contraction to 11.4%

The government on Wednesday revised upward its gross domestic product (GDP) growth figure for the third quarter to -11.4 percent from -11.5 percent.

In a report, the Philippine Statistics Authority (PSA) cited the adjustments in real estate and ownership from -22.5 percent to -19.4 percent, education from -21.4 percent to -17.8 percent, and other services from -53.4 percent to -49.9 percent as “major contributors to the revision.”