PSA revises second quarter economic growth to 7.5%

(Eagle News) — The Philippine Statistics Authority has revised the country’s second-quarter economic growth.

In a statement, the PSA said second quarter gross domestic product (GDP) grew by 7.5% instead of the 7.4% it earlier announced.

The PSA said the revision was made following higher recorded growth in construction.

The PSA said construction grew by 19.5%, and not 19.0% as earlier announced.

Real estate and ownership of dwellings also rose to 4.4% from 3.9%, while manufacturing increased to 2.2% instead of 2.1%.

According to the PSA,  the growth rate of net primary income was also 65.3%, up from 64.8%.

The growth rate of the gross national income (GNI), however, remained at 9.3 percent in the second quarter, the PSA said.

“The (PSA) revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” the PSA added.