MANILA, Aug 9 (Mabuhay) — The Philippine Statistics Authority (PSA) on Monday announced the upward revision of the first-quarter economic growth to -3.9%, but still marking the fifth straight quarter in negative territory.
According to the PSA, the revision takes into account figures in professional and business services, construction, and real estate and ownership of dwellings which were better than earlier announced.
First-quarter economic growth was earlier reported at -4.2%, which compares with the -0.7% recorded in the same quarter in 2020 and -8.3% in the fourth quarter of 2020.
Upward revisions were also recorded in the net primary income (NPI) from the rest of the world to -75.6% from -75.8%, and in gross national income (GNI) to -10.6% from -10.9%.
“The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” it said.
The PSA is scheduled to release second-quarter GDP figures on Tuesday, August 10, 2021. (MNS)