PH 2016 growth upgraded to 6.9%
MANILA, Philippines – The Philippine Statistics Authority (PSA) upgraded its assessment of the country’s full-year growth for 2016.
In a statement released Thursday, April 6, the PSA announced “the annual growth rate of Gross Domestic Product (GDP) for 2016 was revised upward at 6.9% ” instead of the original 6.8% seen in January of this year.
The major contributors for the upward revision in 2016, were Construction, Mining and Quarrying, and Other Services, the PSA added.
Despite the change, however, the growth for Q4 2016 remain unchanged at 6.6% although revisions of the growth of economic sectors were noted.
The Gross National Income (GNI) and the Net Primary Income (NPI) from the Rest of the World (ROW) were also revised downwards to 6.1 % and 4.1 %, respectively.
The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions.
The Asian Development Bank (ADB), meanwhile, retained its Philippine growth forecasts of 6.4% GDP growth for this year and 6.6% growth for 2018 in its latest flagship Asian Development Outlook also released on April 6.
The multilateral institution attributed the expected slowdown in growth for this year mainly to the effect of rising commodity prices on domestic demand.
Inflation has spiked sharply this year, acceleratig to 3.4% in March.
ADB, however, expects the country's growth to rebound in 2018 on the promise of a glut of new infrastructure projects. — Rappler.com