Philippines' Q2 GDP growth revised upward to 7.6 pct


Posted at Nov 27 2013 06:02 PM | Updated as of Nov 28 2013 02:02 AM

MANILA, Philippines - The Philippine economy grew by 7.6% in the second quarter, beating China as the fastest growing economy in Asia for the quarter.

The National Statistical Coordination Board on Wednesday said it revised the second quarter GDP growth figures to 7.6%, from the original 7.5%.

China had posted a second quarter GDP growth of 7.5%.

The NSCB said the manufacturing sector was the largest contributor to the upward revision of GDP with 0.2 percentage point.

The NSCB will report the third quarter GDP results on Thursday morning.

However, the Philippines' third quarter GDP will not likely match China's 7.8% GDP for the third quarter.

Earlier, the country's economic managers said they expect the third quarter GDP to be between 6.5% to 7%.

"According to the NEDA Director General, he is still optimistic that the growth numbers in the third quarter will still be above the government target," Budget Secretary Butch Abad said. "Sabi niya, it should be in the range of 6.5 to 7 percent."

Abad said remittances, manufacturing, business process outsourcing, foreign direct investments, construction and consumption are the drivers of growth.

"That is the basis for the NEDA to project that it will still be a good third quarter," Abad said.

Earlier, Moody's Analytics said it expects the country’s economy growth to hit 7 percent in the third quarter.

The 7 percent growth forecast is lower compared to the first two quarters, but is still at the high-end of the government's target of 6 to 7 percent.