Economic growth in the second quarter was revised higher by the Philippine Statistics Authority as construction and real estate activities proved stronger than initially reported.
State statisticians said in a statement on Wednesday that the gross domestic product in the April-June period now stood at 7.5%, slightly higher than the previous 7.4%.
The latest figure takes into account a larger set of data that include those belatedly reported by agencies and therefore were not considered in computing initial GDP numbers. Revisions are typically made by the PSA to better reflect the state of the economy.
The PSA revised GDP growth in the second quarter as three economic subsectors warranted marginal increases. Construction inched up to 19.5%, real estate and ownership of dwellings rose 4.4% and manufacturing climbed to 2.2%.
In the Marcos administration's first year in power, growth target was revised to churn 6.5-7.5%, lower compared to the previous government’s projection of 7-8%.
Economic managers explained that growth would slow down by the second half of the year, owing to boiling inflation and external headwinds.
The PSA will release the second quarter GDP data on Thursday, November 10
Source: Philstar