THE better-than-expected growth in Education, Financial Services, and Construction prompted the Philippine Statistics Authority (PSA) to revise the country’s second quarter economic performance.
On Monday, PSA disclosed that second quarter GDP grew 12 percent, 0.2 percentage points higher than the initial estimate of 11.8 percent.
The data showed the Education sector saw the highest upward revision to 12.6 percent from the initial estimate of 10 percent, followed by Construction to 27.1 percent from 25.7 percent and Financial and insurance activities to 5.2 percent from 4.2 percent.
“The revision in Education was due to the revision in Private Education from 15.7 percent to 23.1 percent. This was due to the updates of the Quarterly Survey on Philippine Business and Industry [QSPBI],” Assistant National Statistician Vivian R. Ilarina told the BusinessMirror on Monday.
The changes in the QSPBI, Ilarina explained, pertained to the new responses of private schools which were not included in the preliminary second quarter GDP report for 2021.
“These are the new responses of private schools which did not report during the preliminary Q2 2021 pertaining to revenue, compensation and employment,” Ilarina said.
The revision on the Construction sector, Ilarina said, was mainly due to “newly captured” data on residential constructions.
The data is based on the latest report on building permits of households to local government units (LGUs) which are regularly submitted to the PSA.
NPI downward revision
Meanwhile, apart from these revisions, PSA said the growth rate in Net Primary Income (NPI) from the Rest of the World recorded a downward revision to -54.4 percent from -53.8 percent.
This, however, did not dampen the growth of Gross National Income (GNI) in the second quarter of 2021, which saw its growth revised upward to 6.8 percent from the initial 6.6-percent estimate.
GDP estimates are revised by the PSA based on an approved revision policy which is consistent with international standard practices on national accounts revisions.
The PSA will be releasing the preliminary third quarter GDP estimates on Tuesday at 10 a.m.
Image courtesy of Nonoy Lacza