MANILA, Philippines – The government revised downward the country’s gross domestic product (GDP) growth for the third quarter of 2013.
In a statement on Wednesday, January 29, the National Statistical Coordination Board (NSCB) said the Philippines grew 6.9% in July to September 2013, slower than the 7% the agency had announced.
“Other services was the largest contributor to the downward revision,” noted NSCB.
The revision brought the country’s average growth for the first 9 months of last year to 7.4%, above the government’s official target of 6%-7%.
The government said growth likely slowed down further in the fourth quarter because of the massive destruction caused by Super Typhoon Yolanda (Haiyan).
The government will release fourth-quarter GDP data on Thursday, January 30. – Rappler.com