The Philippine Statistics Authority on Wednesday maintained its 6.4-percent gross domestic product growth estimate in the first quarter despite some revisions in the performance of several industries.
“The first quarter 2023 gross domestic product growth rate was maintained at 6.4 percent. Major changes were recorded in three industries: education, from 5.8 percent to 6.6 percent; accommodation and food service activities, from 26.9 percent to 27.8 percent; and construction, from 10.8 percent to 11.1 percent,” it said in a statement on its website.
It revised the gross national income growth in the first quarter from 9.9 percent to 10.0 percent, as the net primary income from the rest of the world was adjusted from 81.2 percent to 82.4 percent.
The PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) consistent with international standard practices on national accounts revisions. It will release the second-quarter GDP figures on Thursday.