Q2 economic growth upgeaded to 6.4% 

The Philippine Statistics Authority (PSA) upgraded the second-quarter Philippine gross domestic product (GDP) growth to 6.4 percent from 6.3 percent, according to a report by Philippine News Agency.

In a statement, the PSA said major contributors to the upward revision were manufacturing which grew by 3.9 percent, and accommodation and food service activities that went up from 10.4 percent to 12.1 percent.

The PSA said real estate and ownership of dwellings, which rose from 7.2 percent to 7.6 percent, also contributed to the upward revision.

Upward revisions were also observed in the second quarter annual growth rates of the Gross National Income from 7.9 percent to 8.1 percent and the Net Primary Income from the Rest of the World from 24.7 percent to 25.7 percent.

"The Philippine Statistics Authority (PSA) revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053), which is consistent with international standard practices on national accounts revisions," the PSA said.

The PSA will release the third quarter Philippine economic growth data on Thursday.