Filtered By: Money
Money

RP revises economic growth in previous quarters


MANILA, Philippines - The Philippine government has revised downward the economic expansion in the last quarter of 2008, with officials saying they "overestimated" economic numbers. Secretary General Romulo Virola of the National Statistical Coordination Board said the gross domestic product in the fourth quarter was only at 2.9 percent from 4.5 percent that the agency originally announced . Owing to the revision, growth in 2008 was ony at 3.8 percent, substantially lower than 4.6-percent growth that was reported. Likewise GDP growth was reviesed to 7.1 percent from 7.2 percent in 2007. Virola said the fourth quarter economic figure would almost always be revised because the agency would only be able to collate data for a month - October - before it had to announce economic data. GMANews.TV
LOADING CONTENT