Philippines’ 1Q 2013 GDP Growth Revised Down to 7.7%

Based on the Revision Policy approved by the NSCB Executive Board through NSCB Resolution No. 8-97, and consistent with the international practices on the revision of National Accounts (NA), the NSCB (National Statistical Coordination Board) releases the revised Q1 2013 NA estimates.

For the revised first quarter of 2013, Manufacturing was the largest contributor to the downward revision of Gross Domestic Product (GDP) with negative 0.03 percentage point.  Other downward revisions on the production side came from:

  1. Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods with negative 0.02 percentage point
  2. Agriculture & Forestry, Real Estate, Renting & Business Activities (RERBA), Other Services, Transportation, Storage, and Communication (TSC), Financial Intermediation, Construction, and Public Administration & Defense: Compulsory Social Security with negative 0.01 percentage point;
  3. Minimal revisions were contributed by Electricity, Gas & Water Supply (EGWS), Fishing, and Mining and Quarrying.

Meanwhile, Net Primary Income (NPI) contributed 0.2 percentage points to the upward revision of Gross National Income (GNI). As a result of all the revisions for the first quarter, GDP growth was revised downward from 7.8% to 7.7% while GNI was revised upward from 7.1% to 7.8%.

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