Manila: The Philippine Statistics Authority (PSA) announced on Wednesday an upward revision of the country’s second-quarter gross domestic product (GDP) growth, adjusting it to 6.4 percent from the previously reported 6.3 percent. This revision reflects stronger performance in key sectors that contributed to economic expansion.

According to Philippines News Agency, the PSA identified manufacturing as a significant contributor, with the sector experiencing a 3.9 percent growth. Additionally, the accommodation and food service activities showed a notable increase, rising from 10.4 percent to 12.1 percent. Real estate and ownership of dwellings also played a role in the upward revision, improving from 7.2 percent to 7.6 percent.

The PSA highlighted that upward revisions were also observed in the annual growth rates of the Gross National Income, which increased from 7.9 percent to 8.1 percent, and the Net Primary Income from the Rest of the World, which went up from 24.7 percent to 25.7 percent. The authority s
tated that these revisions are made in accordance with PSA Board Resolution No. 1, Series of 2017-053, ensuring consistency with international standards for national accounts revisions.

The PSA is set to release the third-quarter Philippine economic growth data on Thursday, which will provide further insights into the country’s economic performance.