PSA slightly revises Q1 GDP growth

Posted at 08/27/2014 4:39 PM | Updated as of 08/27/2014 5:55 PM

MANILA, Philippines - The Philippine economy grew at an even slower pace in the first quarter than initially reported.

The Philippine Statistics Authority on Wednesday reported the 2014 first quarter Gross Domestic Product (GDP) growth figure was revised downward from 5.7 percent to 5.6 percent.

"This was due to downward revisions in Transportation, Storage, and Communication; Mining and Quarrying; and Financial Intermediation," the PSA said.

Second quarter GDP data is scheduled to be released on Thursday morning.

A Reuters poll showed the Philippine economy likely grew 6.2 percent in April-June, as strong factory output and exports, plus a pick-up in state spending helped drive growth.