According to the Philippine Statistics Authority , the third quarter growth rate was revised downward to 6.9% fromAmong the major contributors to the revision were financial and insurance activities, down to 3.9% from 6.4%; professional and business services, down to 10.6% from 11.5%; and real estate and ownership of dwellings, down to 3.8% from 4.7%.
The growth rate in net primary income from the rest of the world was revised upward to -50.6% from -52.3%, while the growth in gross national income was revised downward to 2.7% from 2.8%. “The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” it said in a statement.VBL, GMA News
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