PH Q1 economic growth revised down to 7.7%

This means the Philippines grew as fast as China did in the period January to March

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

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