The Philippines’ main statistics agency has kept its second quarter economic growth estimate.
In a report today, the Philippine Statistics Authority (PSA) said the country’s gross domestic product (GDP) had grown by 6.4%, unchanged from the agency’s initial estimate issued last August.
“The revisions in the different industries/sectors were not significant enough to affect the change in the growth rate,” PSA said.
This means the first-half growth remained at 6%. This was lower than the 7.8% last year and well below the full-year target of 6.5-7.5% for 2014.
PSA however revised upward its estimate for net primary income from the rest of the world (NPI) to 13.8% from the August estimate of 12.7%.
NPI includes overseas Filipino workers’ income and residents’ investment income from abroad less their expenses.
Economic Planning Secretary Arsenio Balisacan yesterday said government under spending last quarter may have dampened third-quarter economic growth, which however got a boost from household spending and exports.