PH 2nd quarter economic growth revised upwards to 2.4 pct

MANILA — The Philippines’ gross domestic product growth was revised upward to 2.4 percent from 2.3 percent, the Philippine Statistics Authority (PSA) said Friday.

The PSA said the following were the major contributors to the upward revision: 

• Wholesale and retail trade and repair of motor vehicles and motorcycles (from 4.6 percent to 4.7 percent)

• Agriculture, forestry, and fishing (from 2.7 percent to 2.9 percent)

• Transportation and storage (from 3.8 percent to 4.1 percent).

Philippine economic growth slowed in the second quarter on the back of subdued domestic demand and declining public construction. 

Economic managers have set an annual growth target of 3.5 to 4.5 percent.

Both the Asian Development Bank (ADB) and the ASEAN+3 Macroeconomic Research Office (AMRO) have downgraded their growth forecasts for the Philippines. 

The ADB, in particular, noted that growth may slow down as higher inflation and the prolonged Middle East conflict have weighed on consumption and investment.

The government is set to release the third quarter economic data on November 9, Monday.