Philippines revises Q3 2017 GDP growth upwards to 7%

MANILA, Philippines – The Philippines' gross domestic product (GDP) in the 3rd quarter grew at a faster pace than previously reported, the Philippine Statistics Authority (PSA) said days before it announces preliminary figures for the last quarter of 2017.

The GDP – the value of all finished goods and services produced in the country – increased by 7% in the July-September period, faster than the preliminary 6.9%, the PSA said on Friday, January 19.

"The top 3 contributors to the upward revision were manufacturing; trade and repair of motor vehicles, motorcycles, personal and household goods; as well as mining and quarrying," National Statistician Lisa Grace Bersales said in a statement.

The gross national income (GNI) and net primary income from the rest of the world were also revised to 6.8% and 6%, respectively. These are higher than the corresponding preliminary growth of 6.7% and 5.7%, respectively. 

The PSA revised the GDP estimates based on an approved revision policy, PSA Board Resolution No. 1, Series of 2017 – 053, which is consistent with international standard practices on national accounts revisions.

The faster-than-expected growth in the 3rd quarter of 2017 is driven by strong exports, industrial output, and the services sector, Socioeconomic Planning Secretary Ernesto Pernia had said. (READ: Philippines overtakes China in economic growth again)

The Philippines' July-to-September growth is faster than the 6.7% growth in the April-to-June period, but lower than the 7.1% in the 3rd quarter of 2016.

The 3rd quarter GDP figure had also surpassed the expectations of most economists.

Based on Bloomberg and Reuters polls, the median projection was a 6.5% GDP growth in the 3rd quarter of 2017.

The PSA is set to announce the GDP growth of the Philippines during the 4th quarter of 2017 on Tuesday, January 23. –