Philippine second-quarter GDP growth revised up to 2.4 per cent
First-half growth remained at 2.6 per cent, below the government’s full-year target of 3.5 to 4.5 per cent.
The Philippine Statistics Authority (PSA) has raised its estimate of second-quarter economic growth to 2.4 per cent from 2.3 per cent, following revisions to figures for three sectors.
The main contributors were wholesale and retail trade, including vehicle and motorcycle repairs, where growth was adjusted to 4.7 per cent from 4.6 per cent. Agriculture, forestry and fishing growth was increased to 2.9 per cent from 2.7 per cent, while transportation and storage rose to 4.1 per cent from 3.8 per cent.
Despite the adjustment, average growth for the first half stayed at 2.6 per cent. The government’s growth target for the full year is 3.5 to 4.5 per cent.
Growth in Net Primary Income from the Rest of the World was lowered to 0.8 per cent from one per cent. Second-quarter gross national income growth remained at 2.2 per cent.
The PSA said the changes followed its revision policy under PSA Board Resolution 1, Series of 2017-053, and were consistent with international practices for revising national accounts.
