The Philippine Statistics Authority adjusted upward the gross domestic product growth in the second quarter from 6.5 percent to 6.7 percent.
“The top three contributors to the upward revision were financial intermediation; construction; and real estate, renting and business activities,” the PSA said.
With the first-quarter growth earlier placed at 6.4 percent, average growth in the first semester reached 6.6 percent, within the government’s target of 6.5 percent to 7.5 percent for the year.
Meanwhile, the PSA said the growth in the net primary income from the rest of the world was revised downward to 7 percent from 8.6 percent, previously. Despite the adjustment, the growth in gross national income, formerly known as gross national product, was maintained at 6.8 percent.
The PSA revises the GDP estimates based on an approved revision policy, consistent with international standard practices on national accounts revisions.
The PSA will release the official third-quarter GDP data on Thursday.