MANILA, Philippines — The Philippines’ gross domestic product (GDP) growth rate for the first quarter of the year was revised upward at -3.9 percent from the earlier estimate of -4.2 percent, the Philippine Statistics Authority (PSA) said Monday.
In its report, the PSA said major contributors to the revision were the professional and business services, from -6.5 percent to -4.4 percent; construction, from -24.2 percent to -22.6 percent; and real estate and ownership of dwellings, from -13.2 percent to -11.7 percent.
“Net Primary Income from the Rest of the World and Gross National Income both recorded upward revisions from -75.8 percent to -75.6 percent and -10.9 percent to -10.6 percent, respectively, in the first quarter of 2021,” said PSA.
PSA said it revises GDP estimates based on an approved revision policy from Board Resolution No. 1, Series of 2017-053, consistent with international standard practices on national accounts revisions.
The government’s economic managers earlier downscaled their growth targets for the year from the previous 6.5 to 7.5 percent to 6 to 7 percent.
The country’s GDP shrank by 9.6 percent in 2020—the worst post-war outturn— in the wake of the COVID-19 pandemic that triggered a series of lockdowns.