NSCB: PH grew 7.2% in Q3 2012, not 7.1%

MANILA, Philippines (UPDATED) – The National Statistical Coordination Board (NSCB) raised the Philippines’ 3rd quarter gross domestic product (GDP) growth to 7.2% from the initially reported 7.1%.

This means the Philippines grew 6.5% in the first 9 months of 2012, the same level before the revision.

“NSCB has a revision policy. Preliminary estimates for Q3 last November are based on 60-day data, while what we released today is based on 90-day data,” the agency’s director general Jose Ramon Albert explained on Wednesday, January 30.

The revision supports forecasts that, for the full year 2012, the local economy grew higher than government’s goal of 5% to 6%.

NSCB will release the official GDP data for 2012 on Thursday, January 31. – Rappler.com