NSCB revises Q1 output downward to 7.7%

The National Statistical Coordination Board (NSCB) has revised the country's economic growth a tenth of a percentage point downward, leveling the Philippines with China as Asia's fastest-growing economy.

In an announcement posted on its website late Wednesday, the NSCB said, “As a result of all the revisions for the first quarter, GDP growth was revised downward from 7.8 percent to 7.7 percent.”

With 0.03 percentage point slashed from the sector's growth rate in the first quarter, manufacturing “was the largest contributor to the downward revision,” the state statistics agency added.

The estimate for trade and repair of motor vehicles, motorcycles, personal and household goods was also cut by 0.02 percentage point.

Downward revisions were also made in the growth rates of real estate, agriculture, fishery, construction, electricity, gas and water, mining.

The second quarter gross domestic product data is slated for release on Thursday.

The Philippines’ economy is still seen to have remained solid, with economists polled by GMA News Online expecting the GDP to settle at 7.3 percent in the second quarter. This is still above the government's growth target of 6 percent to 7 percent. — Siegfrid O. Alegado/BM, GMA News