The Philippine Statistics Authority (PSA) revised the country’s GDP growth estimates in the third quarter of 2017 to 7 percent, from the initial 6.9 percent released in November last year.
The country’s average GDP growth in the January-to-September period last year was at 6.7 percent and fell within the government’s full-year target of 6.5 percent to 7.5 percent for 2017.
“The top 3 contributors to the upward revision were: manufacturing; trade and repair of motor vehicles, motorcycles, personal and household goods; and mining and quarrying,” the PSA said.
Revised PSA data showed the country’s manufacturing sector grew 9.4 percent; trade and repair of motor vehicles, motorcycles, personal and household goods grew 9.7 percent; and the mining and quarrying sector, 20.7 percent.
With this, the average growth for the January-to-September period for the manufacturing sector was at 8.7 percent; trade and repair of motor vehicles, motorcycles, personal and household goods, 9.7 percent; and the mining and quarrying sector,
16.1 percent.
With the revisions, the Gross National Income (GNI) and Net Primary Income from the Rest of the World were also revised upward to 6.8 percent and 6 percent, respectively.
The PSA said these were higher than the November estimates of 6.7 percent for GNI and 5.7 percent for Net Primary Income from the Rest of the World.
The average growth for the January-to-September period last year of GNI was at 9.3 percent and for Net Primary Income from the Rest of the World, at 6.1 percent.
The PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution 1, Series of 2017—053), which is consistent with international standard practices on national accounts revisions.