PH Q1 economic growth revised down to 7.7%
MANILA, Philippines – Citing new economic data, the government revised downward the country's gross domestic product (GDP) growth rate in the first quarter of 2013 to 7.7% from 7.8%.
This means the Philippines grew as fast as China did in January to March.
Before the revision, the Philippines was considered the fastest-growing economy in the region:
In a statement on Wednesday afternoon, August 28, the National Statistical Coordination Board (NSCB) announced the following revisions:
- Manufacturing Sector - down by 0.03 percentage point
- Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods - down by 0.02 percentage point
- Agriculture & Forestry, Real Estate, Renting & Business Activities (RERBA), Other Services, Transportation, Storage, and Communication (TSC), Financial Intermediation, Construction, and Public Administration & Defense - Compulsory Social Security - down by 0.01 percentage point
Net Primary Income was adjusted higher by 0.2 percentage point. This resulted in a revision of the Gross National Income for the 1st quarter of 2013 to 7.8% from 7.1%.
The NSCB will announce Thursday, August 29 the Philippines' economic performance for the second quarter of 2013. – Rappler.com