Q1 economic growth revised upward to 5.8%

MANILA: The Philippine Statistics Authority (PSA) revised upward on Wednesday the first quarter Philippine gross domestic product (GDP) growth to 5.8 percent from 5.7 percent. In a statement, the PSA said major contributors to the upward revision were financial and insurance activities which rose from 10 percent to 10.3 percent and wholesale and retail trade repair of motor vehicles and motorcycles that went up from 6.4 percent to 6.6 percent. Electricity, steam, water and waste management, which went up from 6.3 percent to 6.9 percent, also contributed to the upward revision. Upward revisions were also observed in the first quarter of 2024 in the annual growth rates of the Gross National Income from 9.7 percent to 9.8 percent, and the Net Primary Income from the Rest of the World from 57.0 percent to 57.6 percent. "The Philippine Statistics Authority revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions," th e PSA said. The PSA will release tomorrow the second quarter Philippine economic growth data. Source: Philippines News Agency