PH’s Q1 GDP growth revised to 8.2%
The Philippine Statistics Authority (PSA) adjusted the country’s Gross Domestic Product (GDP) in Q1 from 8.3% to 8.2%.
In a briefing, PSA explained that the downward revision is due to some changes in their initial report.
The latest data shows that the first quarter gross national income — or the sum of the nation’s GDP and net primary income from the rest of the world — was revised downward from 10.7% to 10.6%.
Meanwhile, the services sector grew slower than initially expected, from 8.6% to 8.3%. Real estate and ownership of dwellings were also lowered from 7.9% to only 5.9%.
On the other hand, the industry sector saw slightly faster growth at 10.5% from the earlier estimate of 10.4%.
Revisions were also observed in accommodation and food service activities (20.3% from 21%); professional and business services (8.3% from 8.8%); wholesale and retail trade; repair of motor vehicles and motorcycles (7% from 7.3%); information and communication (7.4% from 7.7%); and transportation and storage (26.3% from 26.5%).
For the industry sector, mining and quarrying’s expansion was revised upward to 20.3% from 17%, while construction growth was now at 14.7% from 13.5% initially.
Meanwhile, the agriculture sector’s growth remained unchanged at 0.2%.
