Filtered By: Money
Money

PSA revises Q4 GDP higher to 6.3% from 6.1%


The Philippine Statistics Authority (PSA) has revised upward the country's fourth quarter 2018 economic growth to 6.3 percent, citing three sectors that prompted the revision.

"Gross Domestic Product (GDP) growth rate for the fourth quarter of 2018 was revised upward from 6.1 percent to 6.3 percent," the PSA said.

The major contributors to the upward revision were trade and repair of motor vehicles, motorcycles, personal and household goods; public administration and defense; and compulsory social security, according to the Statistics authority.

Consistent with international standard practices on national accounts, the PSA revises the quarterly GDP numbers on a regular basis.

"Although revisions were noted in the quarterly growth, the annual growth rate of GDP for 2018 was maintained at 6.2 percent," it said.

Likewise, annual GDP growth rates for 2016 and 2017 were maintained at 6.9 percent and 6.7 percent, respectively.

The PSA also revised upward the gross national income—the total output of Filipino residents—to 5.8 percent from 6.0 percent- from 5.2 percent to 5.7 percent.

The PSA's revision came a month ahead of its announcement of the first quarter 2019 GDP print on May 9. — RSJ, GMA News

LOADING CONTENT