Philippines revises GDP growth for Q1 to 8.2 pct-Xinhua

Philippines revises GDP growth for Q1 to 8.2 pct

Source: Xinhua| 2022-08-08 19:45:15|Editor: huaxia

MANILA, Aug. 8 (Xinhua) -- The Philippine Statistics Authority (PSA) on Monday revised its gross domestic product (GDP) growth rate in the first quarter to 8.2 percent from 8.3 percent.

The PSA cited real estate and ownership of dwellings, revised from 7.9 percent to 5.9 percent, as the major contributors to the downward revision.

Meanwhile, the PSA said the growth rate in gross national income in the first quarter also recorded a downward revision from 10.7 percent to 10.6 percent.

The PSA will also announce the Philippines' GDP growth for the second quarter on Tuesday.

Last month, days after Philippine President Ferdinand Romualdez Marcos took his office, the new administration lowered its GDP target band for this year to 6.5 to 7.5 percent from 7 to 8 percent due to "recent external and domestic developments."