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First-quarter GDP growth unchanged at 2.8%
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BusinessWorld Online
By Justine Irish D. Tabile, Senior ReporterTHE PHILIPPINE Statistics Authority (PSA) on Thursday said it kept the country’s first-quarter gross domestic product (GDP) growth rate unchanged at 2.8%.
Meanwhile, gross national income growth — which measures GDP plus net primary income from the rest of the world — was revised downward to 2.9% from the 3% initially reported.
Growth in net primary income from the rest of the world was lowered to 3.5% from 4.5%.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the unchanged 2.8% headline masked stronger growth in some domestic sectors and lower contributions from income earned abroad.
“Domestically, faster growth [was] revised for major economic growth engines such as manufacturing, transportation and trade,” he said in a Viber message.