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PSA Revises Q1 GDP Upward

PHILIPPINES

The Philippine Statistics Authority says that they have revised upward the Q1 GDP reading to -3.9% Y/Y from -4.2%. The agency notes that the "major contributors to the revision were Professional and business services, construction, and real estate and ownership of dwellings.

  • BSP Governor Diokno said earlier that he expects strong economic recovery in Q2 and sees GDP growth for the full 2021 at around +6.0% Y/Y.
  • Philippine Q2 GDP data will be released tomorrow. Bloomberg median estimate suggests that the economy grew 10.9% Y/Y in the second quarter.

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