Q2 GDP contraction adjusted to -16.9%

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By: Manila Times

State statisticians lowered the official second quarter gross domestic product (GDP) contraction to -16.9 percent from the earlier -16.5 percent.

“Major contributors to the revision were real estate and ownership of dwellings, from -20.1 percent to -29.7 percent; wholesale and retail trade; repair of motor vehicles from -13.1 percent to -13.9 percent; and financial and insurance activities from 6.8 percent to 5.4 percent,” said the Philippine Statistics Authority (PSA) in a report.

Net primary income (NPI) from the rest of the world recorded upward revision from -22.0 percent to -21.7 percent, while gross national income (GNI) posted downward revision from -17.0 percent to -17.3 percent.

Revisions to GDP figures, the PSA said, follow approved policy that is consistent with international standard practices.

The Philippine economy plunged into a technical recession in the second quarter of the year as strict quarantine measures imposed to prevent the spread of coronavirus disease (Covid-19) virus took its toll on industries.

 

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