Government statisticians on Wednesday revised upward the gross domestic product growth in the third quarter of 2015 to 6.1 percent from the previous estimate of 6 percent.
The Philippine Statistics Authority said it revised the third-quarter GDP figures, after incorporating more data into the national accounts.
It said the additional 0.1 percentage point was caused by the higher growth in trade and repair of motor vehicles, motorcycles, personal and household goods; transportation, storage and communication; and construction.
The economy expanded 5 percent in the first quarter and 5.8 percent in the second quarter, before growing 6.1 percent in the third quarter, bringing the three-quarter average to 5.6 percent.
The expansion in the third quarter was also faster than the 5.5-percent growth posted in the same period in 2014.
The 5.6-percent average growth for the three quarters was also below the government’s growth target of 7 percent to 8 percent. The government is set to release the fourth-quarter and full-year GDP data today.
Economists see the GDP growing 5.9 percent to 6.3 percent in the fourth quarter of 2015, bringing full-year growth in the range of 5.7 percent to 5.9 percent.
Standard Chartered economist Jeff Ng said he expected a 5.7-percent growth in 2015, on the back of a 5.9-percent expansion in the fourth quarter despite the weak external demand for the country’s products.
“External demand likely remained a drag as merchandise export growth continued to fall in October and November,” Ng said in an e-mail.
ING Bank economist Joey Cuyegkeng said he saw the economy growing 6 percent in the fourth quarter, bringing full-year growth to 5.6 percent to 5.7 percent.
Accord Capital Equities Corp analyst Justino Calaycay Jr. predicted a full-year growth of 5.9 percent for 2015 while Diana del Rosario of Deutsche Bank saw it at 5.8 percent.
“GDP growth increased in fourth quarter largely because government spending rose substantially from a relatively low base,” Del Rosario said in an e-mail.
London-based think-tank Capital Economics said the Philippine economy likely grew 5.7 percent in 2015 and was expected to rebound with a 6.5-percent growth this year.
“The Philippines also looks well-placed to grow strongly this year. But with none of the front-runners ahead of the country’s presidential election in May inspiring much confidence, there is a risk that much of the good work of the current president, Benigno Aquino, could be undone,” it said.