The Philippine Statistics Authority (PSA) on Wednesday disclosed that it has revised upward its GDP estimate for the third quarter of 2015.
Data showed that GDP growth in the third quarter is now pegged at 6.1 percent, instead of the 6 percent announced in November 2015.
With this, the growth averaged 5.6 percent in the January-to-September 2015 period. The government’s full-year growth target was at 6 percent to 7 percent in 2015.
“The top 3 contributors to the upward revision were: trade and repair of motor vehicles, motorcycles, personal and household goods; transportation, storage and communication; and construction,” the PSA said.
However, the PSA said the Growth of Net Primary Income from the Rest of the World for the third quarter remained at 4.7 percent.
With this, the Gross National Income (GNI) growth also remained unchanged at 5.8 percent.
The PSA revises the GDP estimates based on an approved revision policy, which is consistent with international standard practices on national accounts revisions.
The official fourth quarter and full year 2015 GDP growth will be released by the PSA on January 28.