MANILA, Philippines – It turns out that the Philippine economy grew faster than initially thought from April to June this year.
The Philippine Statistics Authority (PSA) announced on Wednesday, November 15, that it has raised the country's gross domestic product (GDP) growth for the 2nd quarter of 2017 from 6.5% to 6.7%.
The PSA noted that the top 3 contributors to the upward revision were financial intermediation; construction; and real estate, renting, and business activities.
The gross national income (GNI) was maintained at 6.8%, while net primary income from the rest of the world was revised downward to 7% from the previous 8.6%.
The PSA revises GDP estimates based on an approved revision policy which is consistent with international standard practices.
Increased government spending, particularly on infrastructure, and the unexpected revival of the agriculture sector were the main factors for faster growth in the 2nd quarter from the 1st quarter's 6.4%.
Despite the improvement, the Philippines' economic managers have tempered expectations for the economy reaching the upper end of the official target range of 6.5% to 7.5%.
"I think if we hit close to the mid-range, higher or lower than the mid-range, we'll be happy with that," Socioeconomic Planning Secretary Ernesto Pernia previously said.
The PSA is set to release GDP figures for the 3rd quarter of 2017 on Thursday, November 16. – Rappler.com