Philippines' Q1 GDP growth revised down to 7.7 pct


Posted at Aug 28 2013 05:36 PM | Updated as of Aug 29 2013 02:09 AM

MANILA, Philippines - The Philippines didn't beat China as the fastest growing economy in Asia in the first quarter after all.

The National Statistical Coordination Board on Wednesday said it revised the first quarter GDP growth figures downward to 7.7%, from 7.8%. This makes the Philippines at par with China's 7.7% growth in the first quarter.

According to the NSCB, slower manufacturing growth was the largest contributor to the downward revision of GDP.

The NSCB also scaled down first quarter growth of various sectors, such as real estate, agriculture, fishery, construction, electricity, gas and water and mining.

On the other hand, Gross National Income (GNI) was revised upward from 7.1% to 7.8%.

The government will announce the second quarter GDP figures at 10 a.m. tomorrow (August 29).