1st quarter GDP drop faster than initially reported
THE PHILIPPINE ECONOMY in the first quarter declined at a faster pace than previously reported, the Philippine Statistics Authority (PSA) said a day before it announces preliminary figures for the second quarter.
Gross domestic product (GDP) — the value of all finished goods and services produced in the country at a given period in time — fell by 0.7% in the January-March period, faster than the 0.2% drop initially reported on May 7, the PSA said yesterday.
Growth in the services sector was revised downward to 0.6% from the previously reported 1.4%. Meanwhile, the decline in the industry sector was downgraded to 3.4% from three percent.
The services sector slipped 0.6% in the first quarter, slower than the initially reported decline of 1.4%.
Upward revisions in growth rates were noted in the following sub-sectors: wholesale and retail trade (1.9% from 1.1%); repair of motor vehicles and motorcycles (1.9% from 1.1%), public administration and defense; compulsory social activities (5.5% from 5.2%), and education (1.1% from 0.9%).
Meanwhile, downward revisions were noted in the following services sub-sectors: transportation and storage (-11.4% from -10.7%); accommodation and food service activities (-16.4% from -15.3%); information and communication (5.1% from 5.7%); financial and insurance activities (9.1% from 9.6%); real estate and ownership of dwellings (-2.3% from 2.2%); professional and business services (0.2% from 0.7%); human health and social work activities (4.7% from 9.2%); and other services (-10.6% from -7.6%).
The industry sector’s performance was revised to a 3.4% drop in the first quarter, from the initial 3% slump. Among subsectors posting faster declines were manufacturing (-3.8% from -3.6%), construction (-2.9% from -1.8%); and electricity, steam, water, and waste management (4.9% from 5.3%).