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Philippines' Q3 GDP revised lower to 6.0%

The Philippine Statistics Authority on Wednesday revised the county's economic growth in the third quarter of 2019 lower to account for changes in construction and transport during the period.

In a statement, the PSA said the third-quarter gross domestic product (GDP) was revised to 6.0% from the earlier reported 6.2%.

This compares with the second quarter's 5.5%, and the 6.0% in the third quarter of 2018.

Major contributors to the revision were Other Services to 4.2% from 5.1%; Construction to 15.4% from 16.3%; and Transport, Storage, and Communication to 8.2% from 9.1%.

Meanwhile, net primary income (NPI) from the rest of the world was revised upward to 3.9% from 2.9%, and the gross national income (GNI) to 5.7% from 5.6%.

"The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions," it said.

The PSA is scheduled to release fourth-quarter and full-year 2019 economic growth figures on Thursday, January 23. —Jon Viktor Cabuenas/LBG, GMA News