The FINANCIAL — The Philippines Statistics Authority revised first-quarter economic growth lower to 5.0% from a preliminary estimate of 5.2%, ahead of second-quarter data due later on August 27, according to Nasdaq.
PSA said it revised its first-quarter gross domestic product growth estimate due to reductions in growth estimates for the public administration and defense, mining and quarrying, as well as agriculture, fisheries and forestry sectors.
The statistics authority also reduced the growth estimate for first-quarter gross national income to 4.2% from 4.7% as net primary income was cut to 0.8% from 2.7%.
The Philippines’ economy likely grew 5.8% in the second quarter, according to the median forecast of 13 economists polled in a Wall Street Journal survey.
