The Gross Domestic Product (GDP) year-on-year growth rate for the second quarter was revised upward to 2.4 percent from the preliminary estimate of 2.3 percent, the Philippine Statistics Authority (PSA) said Friday.

The major contributors to the upward revision were wholesale and retail trade; repair of motor vehicles and motorcycles, from 4.6 percent to 4.7 percent; agriculture, forestry, and fishing, from 2.7 percent to 2.9 percent; and transportation and storage, from 3.8 percent to 4.1 percent.

The Gross National Income in the second quarter was maintained at 2.2 percent. On the other hand, the net primary income from the rest of the world was revised downward from 1 percent to 0.8 percent.

The PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053), which is consistent with international standard practices on national accounts revisions.

Meanwhile, the PSA reported stronger livestock and poultry production helping cushion steep declines in rice and corn harvests as rising input costs and unfavorable weather dragged overall output value down five percent.

The value of farm and fisheries production fell to P389.42 billion in July to September, measured at constant 2018 prices, from a year earlier, the PSA said.

Crop production bore the brunt of the downturn, contracting 9.3 percent to P197.71 billion.

Crops, including corn and palay, accounted for 51 percent of total agricultural and fisheries production during the quarter. Palay production value plunged 18 percent, while corn contracted 17 percent, reflecting significantly lower harvests.

Rice production dropped to 3.08 million metric tons, while corn output declined to 2 million metric tons as high fertilizer and other input costs undermined planting intentions, while Habagat caused damaging floods. PHS