MANILA - The Philippines' 2020 third quarter economic growth has been revised slightly upwards to -11.4 percent from an earlier -11.5 percent, the state statistics agency said on Wednesday.

One of the major contributors to the revision were real estate and ownership of Dwellings, whose decline was revised to -19.4 percent from -22.5 percent, said the Philippine Statistics Authority (PSA).

The education sector's contraction was also revised to -17.8 percent from -21.4 percent.

The contraction of sectors dubbed as "other services" was also revised to -49.9 percent from -53.4 percent.

"Net primary income from the rest of the world recorded downward revision from -28.2 percent to -29 percent while the Gross National Income (GNI) maintained its growth rate of -13 percent for the third quarter 2020," the PSA said.

The PSA said it revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions.

• Philippines Q2 GDP contraction revised to 16.9 pct, worse than initial estimate

The agency is set to release official fourth quarter and full-year GDP figures on Thursday.

Economic managers expect GDP to have fallen by as much as 9.5 percent in 2020 as the COVID-19 pandemic disrupted business activity.

• Economic managers see GDP shrinking up to 9.5 percent this year

Watch more in iWantv or TFC.tv