Metro Manila (CNN Philippines, November 8) — The national economy grew more than initially reported during the second quarter, the Philippine Statistics Authority announced Monday.
Revised estimates for the period show economic output expanded by 12% from April to June, faster than the initial 11.8% figure.
The upward revision of growth rates for education, financial and insurance activities, and construction primarily contributed to the increase, said the PSA.
From 10%, education now holds a 12.6% growth rate. Financial and insurance activities grew by 5.2% instead of 4.2%, while construction’s pace is now at 27.1% — up from 25.7%.
The Philippines formally exited recession during the period, with economists earlier attributing the double-digit growth to favorable base effects due to the record plunge in the second quarter of 2020.
Meanwhile, net primary income from the rest of the world logged a slower contraction of 53.8% during the three months, easing from -54.4%.
Gross national income also saw a higher growth rate in the second quarter: from 6.6%, it now stands at 6.8%.
The PSA said it revises GDP estimates based on an approved policy consistent with global standard practices on national accounts revisions.
The agency will be announcing preliminary estimates for the third quarter this Tuesday, Nov. 9.
