Q2 GDP growth revised upward to 6.2%

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FILE PHOTO

Metro Manila (CNN Philippines, November 7) — The Philippine Statistics Authority (PSA) revised upward the gross domestic product (GDP)—the amount of goods and services produced in the country—for the second quarter of the year.

The PSA on Tuesday said the economy grew by 6.2 percent in three months to June, slightly faster than the 6 percent earlier reported for the period.

"Major contributors to the upward revision were Other Services; Real Estate, Renting and Business Activity; and Mining and Quarrying," it said in a statement.

The amended rate is still below the governments target range of 7 to 8 percent economic growth for 2018 and the revised 6.6 percent expansion in the first quarter.

For the same quarter, the PSA also adjusted upward the country's gross national income—the sum of the country's GDP plus the net income from overseas—to 5.9 percent from 5.8 percent. The net primary income from the rest of the world was revised down to 4.1 percent from 4.7 percent.

The PSA announced the revisions a day before the release of GDP data for the third quarter. This also comes a day after the agency said October inflation remained at 6.7 percent, higher than what officials expected.