The Philippine Statistics Authority (PSA) announced an upward revision of first-quarter economic growth from 5.7 percent to 5.8 percent.
According to the PSA, key factors contributing to the revision included: Financial and insurance activities, which increased from 10.0 percent to 10.3 percent; Wholesale and retail trade, including repair of motor vehicles and motorcycles, which rose from 6.4 percent to 6.6 percent; and Electricity, steam, water, and waste management, which climbed from 6.3 percent to 6.9 percent.
Additionally, the growth rate of Gross National Income in the first quarter was adjusted from 9.7 percent to 9.8 percent, while the annual growth of Net Primary Income from the Rest of the World was raised from 57.0 percent to 57.6 percent.
“The Philippine Statistics Authority (PSA) revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” the agency said.
The official second-quarter 2024 Philippine economic growth figures are set to be released on Thursday, Aug. 8.