REVISED: PH grows 6.8% in 2012

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The government revised upward its 2012 annual growth to 6.8% from 6.6%, citing new economic data

MANILA, Philippines – The government revised upward its 2012 annual growth to 6.8% from 6.6%, citing new economic data.

In a statement on Wednesday evening, May 29, the National Statistical Coordination Board (NSCB) announced the following revisions:

2012 annual GDP: revised upward to 6.8%

The revision was due to upward revisions in Public Administration and Defense: Compulsory Social Security (PAD), Mining & Quarrying, Other Services, and Construction.

Net Primary Income (NPI) was adjusted higher to 4.8% from 3.3%. This resulted in Gross National Income (GNI) for 2012 reaching 6.5% instead of 5.8%.

4th quarter 2012 GDP: 7.1% from 6.8%

This was attributed to upward revisions in Construction, Financial Intermediation and PAD.

Net Primary Income was likewise revised to 2.7% from 0.9%. This contributed 1-percentage point to the hike in GNI to 6.4% from 5.4%

2011 GDP: 3.6% from 3.9%

This was due to revisions in Construction, Other Services and Real Estate, Renting & Business Activities. (Originally announced GDP growth rate was 3.7%)

Resulting GNI was 3.2% instead of 2.8%.

The NSCB said these revisions are consistent with international standard practices.

On Thursday, May 30, the NSCB will announce the economic performance for the first quarter 2013. – Rappler.com

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