FIRST-QUARTER economic growth remains unchanged at 2.8 percent despite revisions to sectoral components, the Philippine Statistics Authority (PSA) said on Thursday.
Growth was lowered for services (2.9 percent from 3.9 percent); electricity, steam, water and waste management (0.03 percent from 0.7 percent); and education (5.9 percent from 6.1 percent).
Changes were also made to gross national income (2.9 percent from 3.0 percent) and net primary income from the rest of the world (3.5 percent from 4.5 percent).
Upward revisions, on the other hand, were reported for manufacturing (0.7 percent from 0.5 percent), transportation and storage (5.0 percent from 4.4 percent) and wholesale and retail trade and repair of motor vehicles and motorcycles (4.7 percent from 4.6 percent).
The PSA said it revised the growth data based on an approved policy aligned with international standards for national accounts revisions.
The changes were announced before today’s release of preliminary second quarter growth data. Most economists polled by The Manila Times expect the April-June result to fall below the government’s revised 3.5- to 4.5-percent target for 2026, with the median forecast at 2.6 percent.
This is lower than the 2.8 percent recorded in the previous quarter and markedly lower than the 5.4 percent posted a year earlier.
