The economy’s second quarter performance was even worse than earlier estimated, as the Philippine Statistics Authority (PSA) revised the figure for the quarter.
The PSA yesterday said in a statement the country’s gross domestic product (GDP) contracted by 16.9 percent in the second quarter.
This was revised from the preliminary figure of a decline of 16.5 percent.
“Major contributors to the revision were real estate and ownership of dwellings, from -20.1 percent to -29.7 percent; wholesale and retail trade; repair of motor vehicles from -13.1 percent to -13.9 percent; and financial and insurance activities from 6.8 percent to 5.4 percent,” the PSA said.
The Philippine economy in the second quarter posted the sharpest slump for a quarter period on record, due to the economic impact of lockdown measures imposed amid the coronavirus pandemic.
The PSA said in August the preliminary figure of -16.5 percent in the second quarter of 2020 is already the lowest posted based on the available quarterly data, which starts from 1981.
The PSA revises the GDP estimates based on an approved revision policy that is “consistent with international standard practices on national accounts revisions.”
Meanwhile, net primary income from the rest of the world recorded upward revision from -22 percent to -21.7 percent, while gross national income posted downward revision from -17 percent to -17.3 percent.
The PSA, together with the National Economic and Development Authority, is set to announce the economy’s third quarter performance at 10 a.m. today.