The country’s gross domestic product (GDP) annual growth rate for the second quarter was revised upward, a day ahead of the government’s announcement of the third quarter figures.
In a statement yesterday, the Philippine Statistics Authority (PSA) said the country grew by 6.4 percent in the second quarter of the year.
It inched up from the preliminary estimate of 6.3 percent at constant 2018 prices.
Major contributors to the upward revision were: manufacturing, from 3.6 percent to 3.9 percent; accommodation and food service activities, from 10.4 percent to 12.1 percent and real estate and ownership of dwellings, from 7.2 percent to 7.6 percent.
Upward revisions were also observed in the second quarter of 2024 in the annual growth rates of the gross national income from 7.9 percent to 8.1 percent and the net primary income from the rest of the world from 24.7 percent to 25.7 percent.
The PSA revises the GDP estimates based on an approved revision policy that is consistent with international standard practices on national accounts revisions.
The Development Budget Coordination Committee expects the economy to grow by six to seven percent in 2024; 6.5 to 7.5 percent in 2025 and 6.5 to 8 percent in 2026 to 2028.
