Philippines Q4 2017 growth lowered to 6.5 pct


Posted at Apr 12 2018 04:05 PM

MANILA - The Philippine Statistics Authority (PSA) on Thursday said it revised the economic growth figures for the last quarter of 2017, lowering it from 6.6 percent to 6.5 percent. 

"Major contributors to the downward revision were Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods, Financial Intermediation, and Other Services," the PSA said in a statement posted on its website. 

Despite the revision in the quarterly growth, the PSA maintained the annual growth rate for 2017 at 6.7 percent.

The agency said it also lowered the Gross National Income (GNI) for the period to 6.1 percent from a previous 6.2 percent. 

"The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions," the agency said.