MANILA, Philippines — The Philippines’ statistics agency on Wednesday downwardly revised the country’s gross domestic product print in the third quarter, a day before the official release of the data for the final three months of 2018.
In a statement, the Philippine Statistics Authority said GDP growth for the July-September 2018 period was changed to 6.0 percent, slightly lower than the previously reported 6.1 percent.
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Year-to-date GDP growth stayed at 6.3 percent despite the downward revision.
“This was due to the downward revisions in manufacturing; trade and repair of motor vehicles, motorcycles, personal and household goods; and financial intermediation,” the PSA said.
“Relatedly, Net Primary Income from the rest of the world was revised downward to 4.8 percent from 5.6 percent resulting in the revision of Gross National Income to 5.8 percent from 6.0 percent,” it added.
Socioeconomic Planning Secretary Ernesto Pernia earlier explained that stubbornly high inflation and tighter monetary policy contributed to the economy’s slowdown in the third quarter.
READ: Philippine economy grows slower in Q3
Pernia also said the Philippines would need to expand by at least 7.0 percent in the fourth quarter to attain the low-end of the government’s 6.5-6.9 percent target for 2018.
The Philippine Statistics Authority is scheduled to report fourth-quarter and full-year 2018 GDP data on January 24. — Ian Nicolas Cigaral