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Philippines' second quarter economic growth revised higher to 7.5 percent: PSA

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<p>MANILA - The Philippines&#x27; gross domestic product (GDP) growth was revised upward to 7.5 percent from 7.4 percent, the state statistics bureau said on Wednesday.</p><p>Major contributors to the upward adjustment were construction, real estate and ownership of dwelling and manufacturing, the Philippine Statistics Authority said in a statement.</p><p>This followed the upward revision of the growth rate of Net Primary Income (NPI) from the rest of the world to 65.3 percent from 64.8 percent.</p><p>Growth rate of the gross national income (GNI), however, was kept at 9.3 percent in the second quarter, the PSA said.</p><p>&quot;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,&quot; it said.</p><p>The <a href="https://news.abs-cbn.com/business/08/08/22/ph-first-quarter-gdp-slightly-lowered-to-82-percent">first quarter</a> GDP growth was earlier revised to a slightly lower rate of 8.2 percent from 8.3 percent. </p><p>The PSA is set to release the third quarter GDP figures on Thursday.</p><p>Economic managers are expecting GDP to grow between 6.5 to 7.5 percent this year, down from 7 to 8 percent amid rising inflation and interest rates. </p><p>To achieve a cumulative 7.5 percent growth, the economy needs to grow by 7.2 percent in the second half of the year. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/09/22/philippine-economy-grows-74-percent-in-second-quarter">Philippine GDP up 7.4 percent in second quarter but growth slowing</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2140953" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippines' second quarter GDP growth was revised upward to 7.5 percent from 7.4 percent, the state statistics bureau said on Wednesday.