PSA: Economic growth for Q2 retained at 5.5%

MANILA,Philippines — Economic growth in the second quarter of the year has been retained at 5.5 percent even as revisions were noted in some industries, the Philippine Statistics Authority (PSA) said yesterday.

Slight upward revisions were noted in the growth rates for the following industries: transportation, storage, and communication (from 5.5 percent to 5.9 percent); public administration and defense compulsory social security (from 8.0 percent to 8.6 percent); and agriculture and forestry (from 0.1 percent to 0.4 percent).

Net primary income from the rest of the world and gross national income, meanwhile, were revised downwards from 3.1 percent to 2.3 percent and from 5.1 percent to 5.0 percent, respectively.

The PSA revises the gross domestic product (GDP) estimates based on an approved revision policy consistent with international standard practices on national accounts revisions.

Growth shifted to an even lower gear in the second quarter, falling way short of forecasts, due to the spillover effects of the budget delay and the election ban on infrastructure projects.

The domestic economy, as measured by the GDP, grew at a slower pace of 5.5 percent in the second quarter, as against the 5.6 percent growth in the first quarter and the 6.2 percent expansion in the second quarter of 2018.

The second quarter growth figure was the lowest in over four years, or since the 5.1 percent pace in the first quarter of 2015.

PSA will announce the third quarter growth figures tomorrow.