Philippines revises Q1 2018 GDP down to 6.6%

PHILIPPINE GDP. The country's gross domestic product for the 1st quarter of 2018 is revised to 6.6%. File photo by LeAnne Jazul/Rappler

MANILA, Philippines – The Philippine Statistics Authority (PSA) updated the gross domestic product (GDP) in the 1st quarter of 2018 to 6.6% from 6.8%.

"Major contributors to the downward revision were other services, manufacturing, and agriculture and forestry," the PSA said on Wednesday, August 8.

The GDP is the monetary value of all the finished goods and services produced within the country in a specific period. The figure is used by various agencies and experts to track the country's growth. (READ: The Philippine economy's health under Duterte)

The country's gross national income (GNI) and net primary income (NPI) from the rest of the world (ROW) were also revised to 6.3% and 5% from 6.4% and 4.3%, respectively.

The PSA said it revises the GDP estimates "based on an approved revision policy which is consistent with international standard practices on national accounts revisions."

The revision came a day before the release of the 2nd quarter GDP data.

Philippine GDP has been growing above 6% for 6 straight years, or since the administration of Benigno Aquino III.

The government is aiming for the GDP to hit 7% and above. – Rappler.com