{"id":20092,"date":"2024-08-08T03:05:11","date_gmt":"2024-08-08T03:05:11","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/first-quarter-gdp-growth-revised-upwards-to-5-8\/"},"modified":"2024-08-08T03:05:11","modified_gmt":"2024-08-08T03:05:11","slug":"first-quarter-gdp-growth-revised-upwards-to-5-8","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/first-quarter-gdp-growth-revised-upwards-to-5-8\/","title":{"rendered":"First-quarter GDP growth revised upwards to 5.8%"},"content":{"rendered":"
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THE PHILIPPINE ECONOMY<\/span> grew slightly faster than initially<\/span> reported in the first quarter, the Philippine Statistics Authority (PSA) said on Wednesday.<\/span><\/p>\n

The PSA said in a statement the gross domestic product (GDP) growth rate for the January-to-March period was raised to 5.8% from the 5.7% previously reported. This was the fastest GDP growth since 6% in the third quarter of 2023. <\/span><\/p>\n

The PSA said the main sources of the revision were financial and insurance activities (10.3% from 10%); wholesale and retail trade and repair of motor vehicles and motorcycles (6.6% from 6.4%); and electricity, steam, water and waste management (6.9% from 6.3%).<\/span><\/p>\n

On the other hand, the largest downward revisions were recorded in education (3.7% from 4.6%), accommodation and food service activities (13.1% from 13.9%), and professional and business services (7% from 7.5%).<\/span><\/p>\n

On the expenditure side, household and government spending growth remained unchanged at 4.6% and 1.7%, respectively.<\/span><\/p>\n

Exports of goods and services, on the other hand, were revised upwards to 8.4% from 7.5%, while imports were revised downwards to 2.2% from 2.3%.<\/span><\/p>\n

Gross capital formation growth was downgraded to 0.5% from the preliminary estimate of 1.3%.<\/span><\/p>\n

The net primary income from the rest of the world was also higher at 57.6% from 57%.<\/span><\/p>\n

Meanwhile, the gross national income \u2014 the sum of the nation\u2019s GDP and net primary income from the rest of the world \u2014 for the first quarter was revised upwards to 9.8% from 9.7%.<\/span><\/p>\n

National account revisions are based on approved revision policy, which is consistent with international standard practices, the PSA said.<\/span><\/p>\n

The PSA will release second-quarter GDP data on Aug. 8. \u2014 Karis Kasarinlan Paolo D. Mendoza<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINE ECONOMY grew slightly faster than initially reported in the first quarter, the Philippine Statistics Authority (PSA) said on Wednesday. The PSA said in a statement the gross domestic product (GDP) growth rate for the January-to-March period was raised to 5.8% from the 5.7% previously reported. This was the fastest GDP growth since 6% [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[19091,14644,19090,11604,11413,2248,19089],"class_list":["post-20092","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-5-8","tag-bworldonline","tag-first-quarter","tag-gdp","tag-growth","tag-revised","tag-upwards"],"yoast_head":"\nFirst-quarter GDP growth revised upwards to 5.8% - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/first-quarter-gdp-growth-revised-upwards-to-5-8\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First-quarter GDP growth revised upwards to 5.8% - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINE ECONOMY grew slightly faster than initially reported in the first quarter, the Philippine Statistics Authority (PSA) said on Wednesday. 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