The Philippines’ first quarter economic performance has been revised upward to 5.8 percent, according to the Philippine Statistics Authority (PSA).
The PSA reported yesterday the gross domestic product annual growth rate for the first quarter of 2024 was revised from the preliminary estimate of 5.7 percent.
Major contributors to the upward revision were financial and insurance activities, from 10 percent to 10.3 percent; wholesale and retail trade; repair of motor vehicles and motorcycles, from 6.4 percent to 6.6 percent; and electricity, steam, water and waste management, from 6.3 percent to 6.9 percent.
Upward revisions were also observed in the first quarter of 2024 in the annual growth rates of the gross national income from 9.7 percent to 9.8 percent, as well as the net primary income from the rest of the world from 57 percent to 57.6 percent.
The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions.
The government is set to announced the Philippines second quarter economic performance at 10 am today.
The Development Budget Coordination Committee’s growth assumption for 2024 is six to seven percent.
