Philippines upgrades gross domestic product growth rate for Q2
Date
11/6/2024 6:58:38 AM
(MENAFN) On Wednesday, the Philippine Statistics Authority (PSA) updated its report on the country's economic performance, revising the gross domestic product (GDP) growth rate for the second quarter of 2024 to 6.4 percent, up from the previous estimate of 6.3 percent. This revision comes as part of the ongoing analysis of economic data, reflecting a more positive outlook for the country's performance during that period.
The PSA highlighted several key sectors that contributed to the upward revision of the GDP growth rate. Manufacturing saw a notable increase in growth, with its contribution rising from 3.6 percent to 3.9 percent. This improvement in manufacturing was a significant factor in boosting the overall economic expansion during the quarter. Additionally, the accommodation and food service activities sector showed a stronger performance than initially expected, with growth jumping from 10.4 percent to 12.1 percent.
The real estate and ownership of dwellings sector also played a crucial role in the revised growth rate, with its contribution increasing from 7.2 percent to 7.6 percent. This suggests a continued recovery and expansion in the real estate market, which has been a key driver of the country's economy in recent years. The combined effect of these sectors helped push the GDP growth rate slightly higher than the earlier estimate.
Looking ahead, the PSA is set to release data for the third quarter of 2024 on Thursday, which will provide further insights into the economic performance of the Philippines. As the country continues to recover from the effects of the pandemic, these quarterly updates will offer valuable information on how key sectors are performing and whether the economy can maintain its growth momentum.
MENAFN06112024000045015839ID1108856479
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.