GDP revised to 7% in Q3 2017

January 19, 2018

The Philippine government has revised upward its gross domestic product (GDP) growth rate for the third quarter of 2017.

In a statement on Friday, the Philippine Statistics Authority (PSA) said the July to September economic growth rate of the country hit 7.0 percent from earlier 6.9 percent.

"The top three contributors to the upward revision were: manufacturing; trade and repair of motor vehicles, motorcycles, personal and household goods; and mining & quarrying," it said.

PSA also changed the gross national income (GNI) and net primary income from the rest of the world to 6.8 percent and 6.0 percent, respectively. The latest figures were higher than the corresponding preliminary growth of 6.7 percent and 5.7 percent.

The PSA 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 government has yet to release the economic performance for the fourth quarter of last year. DMS