MANILA - The Philippines' gross domestic product (GDP) grew by 6.8 percent in 2012, the National Statistical Coordination Board (NSCB) said Wednesday.
The NSCB, in a statement, said it revised the 2012 GDP growth figures from an initial 6.6 percent because of upward revisions in public administration and defense: compulsory social security, mining and quarrying, other services, and construction.
The country's Net Primary Income was also revised upward from 3.3 percent to 4.8 percent that also resulted in an upward revision of Gross National Income (GNI) for 2012 from 5.8 percent to 6.5 percent.
Meanwhile, GDP growth figure for 2011 was revised downward from 3.9 percent to 3.6 percent, the NSCB said .
"This downward revision was due to the revisions in Construction, Other Services and Real Estate, Renting & Business Activities. Likewise, GNI for 2011 was revised downward from 3.2 percent to 2.8 percent," it added.
Meanwhile, GDP growth for the fourth quarter of 2012 was revised upward from 6.8 percent to 7.1 percent because of upward adjustments in construction, financial intermediation and compulsory social security.
The preliminary GDP estimates for the fourth quarter, which were released last January, were based from limited data available 15 days after the reference period.
The NSCB said the Net Primary Income (NPI) for fourth quarter of 2012 was revised upward from 0.9 percent to 2.7 percent.
This contributed 1.0 percentage point to the upward revision of the GNI from 5.4 percent to 6.4 percent.
The NSCB said its revision of GDP estimates is approved by the NSCB Executive Board.
"This policy is consistent with international standard practices on national accounts revisions," it said.