THE Philippines’s economic output in the second quarter was revised upward to 7.5 percent from a preliminary estimate of 7.4 percent, according to the state statistical agency.
“The major contributors to the upward revision were: construction, from 19.0 percent to 19.5 percent; real estate and ownership of dwellings, from 3.9 percent to 4.4 percent; and manufacturing, from 2.1 percent to 2.2 percent,” the Philippine Statistics Authority (PSA) said in a statement on Wednesday.
Furthermore, the PSA said the growth rate of net primary income (NPI) from the rest of the world was also revised upward to 65.3 percent from 64.8 percent.
“Despite the upward revisions of GDP and NPI, the growth rate of Gross National Income (GNI) in the second quarter of 2022 was maintained at 9.3 percent,” it added.
The PSA said it revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions.
The expansion of the economy in the second quarter was driven by wholesale and retail trade, construction and transportation and storage, as reported earlier by the PSA. (Related story: https://businessmirror.com.ph/2022/08/09/phl-economy-expands-7-4-in-q2-psa/)
With the second quarter growth, the country became the second fastest-growing economy in the Asean region after Vietnam, Socioeconomic Planning Secretary Arsenio M. Balisacan said.
“Our country’s recovery from its most significant economic and health challenge remains strong due to improved risk management as more social and economic activities have been allowed,” Balisacan said in a briefing in August during the release of the preliminary estimate on second quarter GDP.