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PSA revises Q1 GDP growth to 6.8% from 6.9%

The Philippine's first quarter economic growth of 6.9 percent has been revised lower to 6.8 percent by the Philippine Statistics Authority (PSA).

The 6.9 percent growth was the fastest in Asia.

The revised 6.8 percent, however, is still above market expectations for the period with the consensus forecast at 6.6 percent.

"This was due to the revisions in trade, other services, and public administration and defense," the PSA said on Wednesday.

The revision came a day before the statistics agency is set to release the second quarter GDP data.

Economists pegged the second quarter economic growth at 6.5 percent to 7 percent.

GDP estimates are revised based on a revision policy approved by the former National Statistical Coordination Board (NSCB) executive board, in line with international standard practices on national accounts revisions, the PSA said. — Ted Cordero/VDS, GMA News