The Seasonally Adjusted National Accounts of the Philippines: Third Quarter 2022 (at Constant 2018 Prices)

Release Date:
Thursday, November 10, 2022

Gross Domestic Product

  • Gross Domestic Product (GDP) posted a quarter-on-quarter growth of 2.9 percent in the third quarter of 2022. Transportation and storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Manufacturing were the top contributors to the quarter-on-quarter growth.

Among the major economic sectors, Services posted the fastest quarter-on quarter growth with 4.2 percent, followed by Agriculture, forestry, and fishing with 1.6 percent, and Industry with 0.8 percent.

Gross National Income

  • Gross National Income (GNI) posted a quarter-on-quarter growth of 3.6 percent in the third quarter of 2022.

Household Final Consumption Expenditure

  • Household final consumption expenditure grew quarter-on-quarter by 5.7 percent. The top contributors to the growth were Transport, Restaurants and hotels, and Health.

Agriculture, forestry, and fishing

  • Agriculture, forestry, and fishing posted a quarter-on-quarter growth of 1.6 percent in the third quarter of 2022. This was mainly due to the growth of Sugarcane including muscovado sugar-making in the farm, Palay, and Livestock.

Industry

  • Industry posted a quarter-on-quarter growth of 0.8 percent in the third quarter of 2022. Among its sub-industries, Manufacturing, Mining and quarrying, and Electricity, steam, water and waste management were the contributors to the quarter-on-quarter growth. Only Construction declined in the third quarter of 2022.

Services

  • Services recorded the fastest quarter-on-quarter growth of 4.2 percent in the third quarter of 2022. The top contributors to the quarter-on-quarter growth were Transportation and storage, Wholesale and retail trade; repair of motor vehicles and motorcycles, and Human health and social work activities.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the Seasonally Adjusted National Accounts page

Attachment:
Tags:
Seasonally Adjusted National Accounts

GDP Expands by 7.6 Percent in the Third Quarter of 2022

Release Date:
Thursday, November 10, 2022

 

The Philippine Gross Domestic Product (GDP) posted a growth of 7.6 percent in the third quarter of 2022.

The main contributors to the third quarter 2022 growth were:  Wholesale and retail trade; repair of motor vehicles and motorcycles, 9.1 percent; Financial and insurance activities, 7.7 percent; and Construction, 12.2 percent.

Major economic sectors, namely: Agriculture, forestry, and fishing, Industry, and Services all posted positive growths in the third quarter of 2022 with 2.2 percent, 5.8 percent, and 9.1 percent, respectively.

On the demand side, Household Final Consumption Expenditure (HFCE) grew by 8.0 percent in the third quarter of 2022. The following items also recorded growths: Government Final Consumption Expenditure (GFCE), 0.8 percent; Gross capital formation, 21.7 percent; Exports of goods and services, 13.1 percent; and Imports of goods and services,
17.3 percent.

Net Primary Income (NPl) from the Rest of the World grew by 94.6 percent bringing the Gross National Income (GNI) to grow by 10.5 percent in the third quarter of 2022.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts page.

Attachment:
Tags:
National Accounts of the Philippines

The Philippine Statistics Authority Releases the Seasonally Adjusted National Accounts Publication Covering the Period Q1 2020 to Q2 2022

Release Date:
Tuesday, August 16, 2022

The Philippine Statistics Authority (PSA) releases the detailed Seasonally Adjusted National Accounts (SANA) of the Philippines publication which covers the period Q1 2020 to Q2 2022. This includes both 16 industries and 12 expenditure components of the Gross Domestic Product (GDP), Net Primary Income, and the Gross National Income (GNI).

The SANA presents the economic performance of the country without the influence of predictable seasonal patterns. It also provides early signals to the economic planners through quarter-on-quarter changes that will serve as a guide for better plans and decisions in maintaining the economic stability of the country.

The SANA by major aggregates was released on 09 August 2022. This only includes the Total Agriculture, forestry and fishing, Total Industry, Total Services, Total Household final consumption expenditure, GDP, and GNI.

The PSA generates and releases the seasonally adjusted national accounts based on the PSA Board Resolution No. 01, Series of 2017 - 029: “Designating the Generation and Release of Seasonally Adjusted Series by Concerned Agencies” to enhance the relevance and effectiveness of statistics as a tool for planning and decision making.

For more inquiries, please contact Assistant National Statistician Vivian R. Ilarina at e-mail address v.ilarina@psa.gov.ph.

Link:
For the latest update on the National Accounts, you may refer to the National Accounts of the Philippines - Seasonally Adjusted National Accounts at https://psa.gov.ph/national-accounts/sana

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General
 

Attachment:
Tags:
Seasonally Adjusted National Accounts

GDP Expands by 7.4 Percent in the Second Quarter of 2022

Release Date:
Tuesday, August 9, 2022

                              Source: Philippine Statistics Authority

 

The Philippine Gross Domestic Product (GDP) posted a growth of 7.4 percent in the second quarter of 2022.

The main contributors to the second quarter 2022 growth were:  Wholesale and retail trade; repair of motor vehicles and motorcycles, 9.7 percent; Construction, 19.0 percent; and Transportation and storage, 27.1 percent.

Major economic sectors, namely: Agriculture, forestry, and fishing, Industry and Services all posted positive growths in the second quarter of 2022 with 0.2 percent, 6.3 percent, and 9.1 percent, respectively.

On the demand side, Household Final Consumption Expenditure (HFCE) grew by 8.6 percent in the second quarter of 2022. The following items also recorded growths: Government Final Consumption Expenditure (GFCE), 11.1 percent; Gross capital formation, 20.5 percent; Exports of goods and services, 4.3 percent; and Imports of goods and services, 13.6 percent.

Net Primary Income (NPl) from the Rest of the World grew by 64.8 percent bringing the Gross National Income (GNI) to grow by 9.3 percent in the second quarter of 2022.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts page.

Attachment:
Tags:
National Accounts of the Philippines

The Philippine Statistics Authority releases the Seasonally Adjusted National Accounts Publication covering the period Q1 2019 to Q1 2022

Release Date:
Tuesday, May 24, 2022

The Philippine Statistics Authority (PSA) for the first time releases the detailed Seasonally Adjusted National Accounts (SANA) of the Philippines publication which covers the period Q1 2019 to Q1 2022. This includes both sixteen (16) industries and twelve (12) expenditure components of the Gross Domestic Product (GDP).

The SANA presents the economic performance of the country without the influence of predictable seasonal patterns. It also provides early signals to the economic planners through quarter-on-quarter changes that will serve as a guide for better plans and decisions in maintaining the economic stability of the country.

The SANA by Major Industry was previously released on 12 May 2022. This only includes the Total Agriculture, Forestry and Fishing (AFF), Total Industry, Total Services, Total Household Final Consumption Expenditure (HFCE), Gross Domestic Product (GDP) and Gross National Income (GNI).

The PSA generates and releases the seasonally adjusted national accounts based on the PSA Board Resolution No. 01, Series of 2017 - 029: “Designating the Generation and Release of Seasonally Adjusted Series by Concerned Agencies” to enhance the relevance and effectiveness of statistics as a tool for planning and decision making.

For more inquiries, please contact Assistant National Statistician Vivian R. Ilarina at e-mail address v.ilarina@psa.gov.ph.

Link:
For the latest update on the National Accounts, you may refer to the National Accounts of the Philippines - Seasonally Adjusted National Accounts at https://psa.gov.ph/national-accounts/sana

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Attachment:
Tags:
National Accounts of the Philippines, Seasonally Adjusted National Accounts

GDP Posts an 8.3 Percent Growth in the First Quarter of 2022

Release Date:
Thursday, May 12, 2022

Figure 1

Source: Philippine Statistics Authority

 

The Philippine Gross Domestic Product (GDP) posted an 8.3 percent growth in the first quarter of 2022.

The main contributors to the first quarter 2022 growth were: Manufacturing, 10.1 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 7.3 percent; and Transportation and storage, 26.5 percent.

Among the major economic sectors, Agriculture, forestry, and fishing, Industry and Services all posted positive growths in the first quarter of 2022 with 0.2 percent, 10.4 percent, and 8.6 percent, respectively.

On the demand side, Household Final Consumption Expenditure (HFCE) grew by 10.1 percent in the first quarter of 2022. The following items also recorded growths: Government Final Consumption Expenditure (GFCE), 3.6 percent; Gross Capital Formation (GCF), 20.0 percent; Exports of goods and services, 10.3 percent; and Imports of goods and services, 15.6 percent.

Net Primary Income (NPl) from the Rest of the World grew by 103.2 percent bringing the Gross National Income (GNI) to grow by 10.7 percent in the first quarter of 2022.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts page.

 

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

The Seasonally Adjusted National Accounts of the Philippines: First Quarter 2022 (at Constant 2018 Prices)

Release Date:
Thursday, May 12, 2022

Seasonally Adjusted Gross Domestic Product & Gross National Income

  • Gross Domestic Product (GDP) posted a quarter-on-quarter growth of 1.9 percent in the first quarter of 2022. Manufacturing, Wholesale and retail trade; repair of motor vehicles and motorcycles, Financial and insurance activities, were the top contributors to the growth.

Seasonally Adjusted Gross Domestic Product & Gross National Income

Among the major economic sectors, Industry and Services posted positive quarter-on-quarter growths in the first quarter of 2022 with 2.0 percent and 2.2 percent, respectively. Meanwhile, Agriculture, forestry, and fishing posted a quarter-on-quarter decline of -0.7 percent.

Moreover, Gross National Income (GNI) posted a quarter-on-quarter growth of 0.8 percent in the first quarter of 2022.

Seasonally Adjusted Gross Domestic Product & Gross National Income

Household Final Consumption Expenditure

  • Household final consumption expenditure (HFCE) grew quarter-on-quarter by 3.2 percent. The top contributors to the growth were Food and non-alcoholic beverages, Restaurants and hotels, and Transport.

Household Final Consumption Expenditure

Agriculture, forestry, and fishing

  • Agriculture, forestry, and fishing recorded a quarter-on-quarter decline of -0.7 percent in the first quarter of 2022. This was mainly due to the quarter-on-quarter declines of Corn, Fishing and aquaculture, and Banana.

Agriculture, Forestry, and Fishing

Industry

  • Industry posted a quarter-on-quarter growth of 2.0 percent in the first quarter of 2022. Among its sub-industries, Manufacturing, Electricity, steam, water and waste management, and Mining and quarrying were the top contributors to the quarter-on-quarter growth.

Industry

Services

  • Services posted the highest quarter-on-quarter growth among the three major industries with 2.2 percent in the first quarter of 2022. The top contributors to the growth were Wholesale and retail trade; repair of motor vehicles and motorcycles, Financial and insurance activities, and Real estate and ownership of dwellings.

Services

 

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Attachment:
Tags:
Seasonally Adjusted National Accounts

GDP Posted a Growth of 7.7 Percent in the Fourth Quarter of 2021, Resulting in a 5.6 Percent Full-year Growth in 2021

Release Date:
Thursday, January 27, 2022

Figure 1

Souce: Philippine Statistics Authority

 

The Philippine Gross Domestic Product (GDP) posted a growth of 7.7 percent in the fourth quarter of 2021, resulting in 5.6 percent full-year growth in 2021.

The main contributors to the fourth quarter 2021 growth were: Manufacturing, 7.2 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 7.4 percent; and Construction, 18.5 percent. The same industries also contributed the most to the annual growth: Manufacturing, 8.6 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 4.3 percent; and Construction, 9.8 percent.

Among the major economic sectors, Agriculture, forestry, and fishing, Industry and Services all posted positive growths in the fourth quarter with 1.4 percent, 9.5 percent, and 7.9 percent, respectively. On an annual basis, Industry and Services registered positive growths of 8.2 percent and 5.3 percent, respectively. Meanwhile, Agriculture, forestry, and fishing posted a contraction of -0.3 percent.

On the demand side, Household Final Consumption Expenditure (HFCE) grew by 7.5 percent in the fourth quarter of 2021. The following items also recorded growths: Government Final Consumption Expenditure (GFCE), 7.4 percent; Gross Capital Formation (GCF), 12.6 percent; Exports, 8.3 percent; and Imports, 13.7 percent. On an annual basis, HFCE grew by 4.2 percent, GFCE, 7.0 percent; GCF, 19.0 percent; Exports, 7.8 percent; and Imports, 12.9 percent.

Net Primary Income (NPl) from the Rest of the World grew by 15.0 percent bringing the Gross National Income (GNI) to grow by 8.0 percent in the fourth quarter of 2021. On an annual basis, NPl declined by -50.2 percent while GNI grew by 1.6 percent.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts page.

 

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

GDP posted a growth of 7.1 percent in the third quarter of 2021

Release Date:
Tuesday, November 9, 2021

Figure 1

Source: Philippine Statistics Authority

 

The Philippine Gross Domestic Product (GDP) posted a growth of 7.1 percent in the third quarter of 2021. The main contributors to the growth, with their corresponding increases, were: Wholesale and retail trade; repair of motor vehicles and motorcycles, 6.4 percent; Manufacturing, 6.3 percent; and Construction, 16.8 percent.

Among the major economic sectors, Industry and Services posted positive growths of 7.9 percent and 8.2 percent, respectively. Meanwhile, Agriculture, forestry, and fishing posted a contraction of -1.7 percent in the third quarter of 2021.

On the demand side, Household Final Consumption Expenditure (HFCE) grew by 7.1 percent in the third quarter of 2021. The following items also recorded growths: Gross Capital Formation (GCF), 22.0 percent; Government Final Consumption Expenditure (GFCE), 13.6 percent; Exports, 9.0 percent; and Imports, 13.2 percent.

Net Primary Income (NPl) from the Rest of the World declined by -52.3 percent. Meanwhile, the Gross National lncome (GNl) posted a growth of 2.8 percent during the period.

 

DENNIS S. MAPA, Ph.D.

Undersecretary
National Statistician and Civil Registrar General
 

See more at the National Accounts page.

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

GDP posted double digit growth of 11.8 percent in the second quarter of 2021, the highest since fourth quarter of 1988

Release Date:
Tuesday, August 10, 2021

Source: Philippine Statistics Authority

The Philippine Gross Domestic Product (GDP) posted a growth of 11.8 percent in the second quarter of 2021. This was the highest since the fourth quarter of 1988 which posted a growth of 12.0 percent. The main contributors to the growth, with their corresponding increase, were: Manufacturing, 22.3 percent; Construction, 25.7 percent; and Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.4 percent.

Among the major economic sectors, Industry and Services posted positive growths of 20.8 percent and 9.6 percent, respectively. Meanwhile, Agriculture, forestry, and fishing posted a contraction of -0.1 percent in the second quarter of 2021.

On the demand side, Household Final Consumption Expenditure (HFCE) improved by 7.2 percent, along with the following items: Gross Capital Formation (GCF), 75.5 percent; Exports, 27.0 percent; and Imports, 37.8 percent.

On the other hand, the Government Final Consumption Expenditure (GFCE) dropped by -4.9 percent in the second quarter of 2021. 

Net Primary Income (NPl) from the Rest of the World declined by -53.8 percent. Meanwhile, the Gross National lncome (GNl) posted a growth of 6.6 percent during the period.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts page.

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Press Conference on the 2021 Second Quarter Performance of the Philippine Economy

Release Date:
Thursday, August 5, 2021

The Philippine Statistics Authority (PSA) announces the holding of the Press Conference on the 2021 Second Quarter Performance of the Philippine Economy on 10 August 2021 (Tuesday) at 10:00 AM through  videoconferencing using Zoom. 

Socioeconomic Planning Secretary of the National Economic and Development Authority, Karl Kendrick T. Chua, Ph.D., and PSA Undersecretary Dennis S. Mapa, Ph.D., National Statistician and Civil Registrar General, will be the resource persons for the event. 

Highlights of the press conference will be tweeted live all throughout the duration of the press conference through the Twitter account  @PSAgovph, and will be livestreamed in the PSA official Facebook page. The hashtag to be used is #PHGDP.  

Details of the video conference will be sent via email.

 

- Macroeconomic Accounts Service, Sectoral Statistics Office

 

Tags:
National Accounts of the Philippines, NAP

GDP declines by -4.2 percent in the first quarter of 2021 (at Constant 2018 Prices)

Release Date:
Tuesday, May 11, 2021

The Philippine Gross Domestic Product (GDP) posted a decline of -4.2 percent in the first quarter of 2021. The main contributors to the decline were: Construction, -24.2 percent; Other Services, -38.0 percent; and Real Estate and Ownership of Dwellings, -13.2 percent.

On the other hand, contributors to growth were led by: Financial and insurance activities, 5.2 percent; Public administration and defense; compulsory social activities, 7.5 percent; and Human health and social work activities, 11.7 percent. Other industries which managed to grow during the period were: Information and communication, 6.3 percent; Manufacturing, 0.5 percent; and Electricity, steam, water, and waste management, 1.9 percent.

Among the major economic sectors, Agriculture, Forestry, and Fishing (AFF) declined by -1.2 percent in the first quarter of 2021. Likewise, Services and Industry contracted by -4.4 percent and -4.7 percent, respectively during the period. 

On the demand side, Household Final Consumption Expenditure (HFCE) declined by -4.8 percent, along with the following items: Gross Capital Formation (GCF), -18.3 percent; Exports, -9.0 percent; and Imports, -8.3 percent.

On the other hand, the Government Final Consumption Expenditure (GFCE) grew by 16.1 percent in the first quarter of 2021. 

The Net Primary Income (NPI) from the Rest of the World continued to decline by -75.8 percent, bringing the Gross National Income (GNI) to drop by -10.9 percent during the period.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

See more at the National Accounts page.

 

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Press Conference on the 2021 First Quarter Performance of the Philippine Economy

Release Date:
Tuesday, May 4, 2021

EVENT:             Press Conference on the 2021 First Quarter Performance of the Philippine Economy

DATE:               11 May 2021 (Tuesday) at 10:00 A.M.

PLATFORM:     Videoconferencing using Zoom 
 

The Philippine Statistics Authority (PSA) announces the holding of the  Press Conference on the 2021 First Quarter Performance of the Philippine  Economy on 11 May 2021 (Tuesday) at 10:00 AM through video conference using  Zoom.

Socioeconomic Planning Secretary of the National Economic and Development  Authority, Karl Kendrick T. Chua, Ph.D., and PSA Undersecretary Dennis S. Mapa, Ph.D., National Statistician and Civil Registrar General, will be the resource persons  for the event.

Highlights of the press conference will be tweeted live all throughout the duration of  the press conference through the Twitter account @PSAgovph, and will be  livestreamed in the PSA official Facebook page. The hashtag to be used is #PHGDP. 

Details of the video conference will be sent via email. 

 

- Macroeconomic Accounts Service, Sectoral Statistics Office

Tags:
National Accounts of the Philippines, NAP

Philippine GDP posts -8.3 percent in the fourth Quarter 2020; -9.5 percent for full-year 2020

Release Date:
Thursday, January 28, 2021

GDP

The Philippine Gross Domestic Product (GDP) posted a growth rate of -8.3 percent in the fourth quarter of 2020, resulting in the -9.5 percent full-year growth rate for 2020.

On the other hand, contributors to the decline of the GDP growth for the fourth quarter of 2020 were Construction at -25.3 percent; Other Services at -45.2 percent; and Accommodation and Food Service Activities at -42.7 percent.

Among the major economic sectors, Agriculture, Forestry, and Fishing (AFF) registered -2.5 percent growth rate in the fourth quarter of 2020, while Services and Industry posted -8.4 percent, and -9.9 percent respectively.  On an annual basis, the growth rates are as follows: AFF at -0.2 percent, followed by Services at -9.1 percent, and Industry at -13.1 percent.

On the expenditure side, the Government Final Consumption Expenditure (GFCE) posted positive growth of 4.4 percent in the fourth quarter of 2020.  Household Final Consumption Expenditure (HFCE) declined by -7.2 percent, along with the Gross Capital Formation (GCF) at -29.0 percent; Exports, -10.5 percent; and Imports, -18.8 percent.  For full-year 2020, GFCE grew by 10.4 percent; HFCE at -7.9 percent; GCF at -35.8 percent; Exports at -16.7 percent; and Imports at -21.9 percent.

The Net Primary Income (NPl) from the Rest of the World, and the Gross National lncome (GNl) have corresponding growth rates of -53.2 percent, and -12.0 percent in the fourth quarter of 2020, while full-year 2020 growth rates of NPI and GNI were at -27.3 percent, and -11.1 percent respectively.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates at https://psa.gov.ph/national-accounts/base-2018/estimates.

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

The Philippines records a GDP growth rate of -11.5 percent in the third quarter of 2020

Release Date:
Tuesday, November 10, 2020

GDPThe GDP recorded a growth rate of -11.5 percent in the third quarter, compared to the previous quarter’s growth rate of -16.9 percent.

The industries that contributed the least to the GDP were Construction, -39.8 percent growth; Real estate and ownership of dwellings, -22.5 percent growth; and Manufacturing, -9.7 percent growth.

On the other hand, the top three industries that posted positive growth were: Financial and insurance activities, 6.2 percent; Public administration and defense, compulsory social activities, 4.5 percent; and Agriculture, forestry, and fishing, 1.2 percent.

On the expenditure side, the Government Final Consumption Expenditure posted positive growth of 5.8 percent while Household Final Consumption Expenditure declined by -9.3 percent, along with the Gross Capital Formation at -41.6 percent; Exports, -14.7 percent; and Imports, -21.7 percent.

Net Primary Income from the rest of the world and the Gross National Income posted decreases of -28.2 percent and -13.0 percent, respectively.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates at https://psa.gov.ph/national-accounts/base-2018/estimates.

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Capital Formation suffers setbacks in the second quarter of 2020; records the lowest decline since the first quarter of 1985

Release Date:
Tuesday, September 1, 2020

Gross Capital Formation (GCF), as defined in the Philippine System of National Accounts (PSNA), are referred to as investments put in place and measured by the total value of fixed assets/capital formation, changes in inventories and acquisitions less disposals of valuables.

In the second quarter of 2020, at constant 2018 prices, GCF had a share of 14.5 percent to Gross Domestic Product (GDP). On average, GCF grew by 7.8 percent from first quarter of 2000 to second quarter of 2020. However, it posted the largest decline of 53.5 percent in the second quarter of 2020 from a 0.8 percent decline in second quarter of 2019.

All components of GFCF also posted declines in second quarter of 2020 except for Breeding Stocks and Orchard Development (BSOD) which recorded a growth of 2.2 percent. Changes in Inventories also recorded its highest withdrawals amounting to PhP 204.9 billion. Valuables, which is the newest expenditure item highlighted in the Expenditure side, declined by 56.9 percent in second quarter of 2020, lower than the 14.1 percent decline in second quarter of 2019.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Tags:
National Accounts of the Philippines, NAP

GDP growth rate drops by 16.5 percent in the second quarter of 2020; the lowest starting 1981 series

Release Date:
Thursday, August 6, 2020

The Gross Domestic Product (GDP) growth rate dropped by 16.5 percent in the second quarter of 2020, the lowest recorded quarterly growth starting 1981 series.

The main contributors to the decline were: Manufacturing, -21.3 percent; Construction, -33.5 percent; and Transportation and Storage, -59.2 percent. Among the major economic sectors, only Agriculture, forestry, and fishing increased with 1.6 percent growth. Industry and Services both decreased during the period by 22.9 percent and 15.8 percent, respectively.

On the expenditure side, major items that declined were: Household Final Consumption Expenditure (HFCE), 15.5 percent; Gross Capital Formation (GCF), 53.5 percent; Exports, 37.0 percent; and Imports, 40.0 percent. On the other hand, Government Final Consumption Expenditure (GFCE) posted positive growth of 22.1 percent.

Net Primary Income (NPI) from the Rest of the World and Gross National Income (GNI) both decline by 22.0 percent and 17.0 percent respectively.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates at https://psa.gov.ph/national-accounts/base-2018/estimates.

Attachment:
Tags:
National Accounts of the Philippines, NAP

Press Conference on the 2020 Second Quarter Performance of the Philippine Economy

Release Date:
Wednesday, August 5, 2020

EVENT : Press Conference on the 2020 Second Quarter Performance of the Philippine Economy

DATE : 06 August 2020 (Thursday) at 10:00 a.m.

PLATFORM : Videoconferencing using Zoom

The Philippine Statistics Authority (PSA) announces the holding of the Press Conference on the 2020 Second Quarter Performance of the Philippine Economy on 06 August 2020 (Thursday) at 10:00 a.m. through a video conference using Zoom.

Dr. Dennis S. Mapa, National Statistician and Civil Registrar General of the PSA, will be the resource person for the event.

Highlights of the press conference will be tweeted live all throughout the duration of the press conference through the Twitter account @PSAgovph. The hashtag to be used is #PHGDP.

Details of the video conference will be sent via email.

 

-Office of the National Statistician

 

Tags:
National Accounts of the Philippines, NAP

Consumption Patterns of Resident Households in the Philippines

Release Date:
Monday, July 20, 2020

Consumption patterns of resident households in the Philippines vary across per capita income decile class. In 2018, using the Family Income and Expenditure Survey (FIES), Food and Non-alcoholic beverages expenditure of households in first income decile class comprise about 58.7 percent of their total expenditure while for tenth income decile class, it was recorded at 23.9 percent. On the other hand, the share of Housing, water, electricity, gas and other fuels increases as you move to higher income decile class.

While all are affected by the Coronavirus disease (COVID-19) pandemic, looking into the consumption patterns by income decile class gives a wider perspective of its impact to the households. Similarly, further insights are given by grouping the expenditure items into essential and non-essential groups.

Essential items include food and non-alcoholic beverages,  housing, water, electricity, gas and other fuels, health, and communication. In first quarter 2020, Household Final Consumption Expenditure grew by 0.2 percent. Of which, essential items posted a growth of 4.9 percent, lower than the 6.1 percent in first quarter 2019. Meanwhile, non-essential items declined by 4.7 percent from a growth of 6.4 percent during the same period last year.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Tags:
National Accounts of the Philippines

GDP declines by 0.2 percent in the first quarter of 2020; the first contraction since fourth quarter of 1998

Release Date:
Thursday, May 7, 2020

GDP

The Gross Domestic Product (GDP) declined by 0.2 percent in the first quarter of 2020, the first contraction since the fourth quarter of 1998.

The main contributors to the decline were: Manufacturing; Transportation and storage; and Accommodation and food service activities.

Among the major economic sectors, Agriculture, forestry, and fishing; and Industry contracted by 0.4 percent and 3.0 percent, respectively. On the other hand, Services posted a growth of 1.4 percent during the period.

On the expenditure side, items that declined are: Gross Capital Formation (GCF), 18.3 percent; Exports, 3.0 percent; and Imports, 9.0 percent. Meanwhile, Household Final Consumption Expenditure (HFCE) and Government Final Consumption Expenditure (GFCE) posted positive growths of 0.2 percent and 7.1 percent, respectively.

In addition, Net Primary Income (NPI) from the Rest of the World dropped by 4.4. percent resulting to the 0.6 percent contraction in the Gross National Income.

Estimates on the first quarter 2020 National Accounts of the Philippines (NAP) are based on the 2018 base year following the recent revision and rebasing of the NAP series.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

See more at the National Accounts page.

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Press Conference on the 2020 First Quarter Performance of the Philippine Economy

Release Date:
Wednesday, May 6, 2020

EVENT:           Press Conference on the 2020 First Quarter Performance of the Philippine Economy

DATE:             07 May 2020 (Thursday) at 10:00 a.m.

PLATFORM:     Videoconferencing using Zoom 
 

The Philippine Statistics Authority (PSA) announces the holding of the Press Conference on the 2020 First Quarter Performance of the Philippine Economy on 07 May 2020 (Thursday) at 10:00 a.m. through a video conference using Zoom.

Karl Kendrick T. Chua, Ph.D., Acting Secretary of Socioeconomic Planning and Claire Dennis S. Mapa, Ph.D., PSA National Statistician and Civil Registrar General will be the resource persons for the event.

Highlights of the press conference will be tweeted live all throughout the duration of the press conference through the Twitter account @PSAgovph. The hashtag to be used is #PHGDP.

Details of the video conference will be sent via email.

 

CLAIRE DENNIS S. MAPA, Ph. D.
Undersecretary
National Statistician and Civil Registrar General

Tags:
National Accounts of the Philippines, NAP

Average growth of GNI was at 5.5 percent using 2018 base year

Release Date:
Thursday, April 30, 2020

With the adoption of the 2018 base year in the National Accounts, Gross National Income (GNI) recorded an average growth of 5.5 percent at constant prices from 2001 to 2019. Meanwhile, Net Primary Income (NPI) from the rest of the world had an average growth of 5.7 percent. Highest GNI growth was at 7.4 percent in 2013 and highest NPI growth was at 26.7 percent in 2009.

GNI and NPI

In terms of contribution to GDP growth, Wholesale and retail trade; repair of motor vehicles and motorcycles topped the industries with an average contribution of 1.0 percentage point from 2001 to 2019. Manufacturing followed with 0.9 percentage point; and Financial and insurance activities with 0.6 percentage point.

On the expenditure side, Household Final Consumption Expenditure (HFCE) was the main contributor to GDP growth with 3.9 percentage points on average.

Full tables on the revised and rebased National Accounts series (2018 base year) can be accessed at https://psa.gov.ph/national-accounts.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Attachment:
Tags:
National Accounts of the Philippines, NAP

PSNA adopts 2018 as new base year

Release Date:
Thursday, April 23, 2020

The Philippine Statistics Authority (PSA) has completed the fifth revision of the Philippine System of National Accounts (PSNA). The revised and rebased national accounts series covers the period of 2000 to 2019, and adopted 2018 as the new base year as approved in PSA Resolution No. 11, series of 2018, “Approving the General Policy on the Revision and Rebasing of the PSNA”.

The revised PSNA features 16 major industries following the 2009 Philippine Standard Industrial Classification (PSIC). Newly-highlighted industries are:

  • Information and Communication;
  • Human Health and Social Work Activities;
  • Education;
  • Professional and Business Services;
  • Accommodation and Food Service Activities;
  • Arts and Entertainment; and
  • Waste Management.

On the expenditure side, Valuables which means those assets for store of values like precious stones, jewelries, etc., has been included, bringing the major expenditure items to 12. Other commodities on Exports and Imports of goods and services are also highlighted and given importance.

The 2008 SNA serves as the framework of the PSNA. Among others, recommendations adopted in the fifth round of revision were:

  • inclusion of Valuables in final demand; and
  • adoption of one-year residency rule for Net Primary Income.

The benchmark revision was based on the most recent results of censuses, surveys, and administrative-based information.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts main page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

Services still has the highest share to new GDP at 2018 base year

Release Date:
Thursday, April 23, 2020

GDPGross Domestic Product (GDP) series for 2000 to 2019 was revised using the 2018 base year. On average, GDP posted a growth of 5.5 percent at constant prices.

Among the major industries, Services had the highest average growth with 6.3 percent, followed by Industry with 5.2 percent. Meanwhile, Agriculture, forestry, and fishing (AFF) recorded an average growth of 2.8 percent.

In terms of average share to GDP, Services topped the major industries with 56.5 percent. Meanwhile, Industry and AFF had corresponding average shares of 30.4 percent and 13.2 percent.

Full tables on the revised and rebased National Accounts series (2018 base year) can be accessed at https://psa.gov.ph/national-accounts.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General
 

Attachment:
Tags:
National Accounts of the Philippines, NAP

Release of Revised and Rebased to 2018 National Accounts of the Philippines

Release Date:
Monday, April 20, 2020

EVENT:            Release of Revised and Rebased to 2018 National Accounts of the Philippines

DATE:              20 April 2020 (Monday) 

PLATFORM:      PSA website 

The Philippine Statistics Authority (PSA) is set to release the Revised and Rebased to 2018 National Accounts of the Philippines on 20 April 2020 (Monday). This will be released on the PSA website.

The Revised and Rebased Estimates will cover the annual and quarterly series from 2000 to 2019.  Specifically, this will include the following:

  1. Gross Domestic Product by Industry, Annual 2000 to 2019;
  2. Gross Domestic Product by Expenditure, Annual 2000 to 2019;
  3. Gross Domestic Product by Industry, 1st Quarter 2000 to 4th Quarter 2019; and
  4. Gross Domestic Product by Expenditure, 1st Quarter 2000 to 4th Quarter 2019.

All other materials will be sent to the media and subscribers via email by the Knowledge Management and Communications Division.

 

CLAIRE DENNIS S. MAPA, Ph. D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts (Base Year: 2018) main page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

GDP posts 6.4 percent growth in the fourth quarter of 2019; 5.9 percent for full-year 2019

Release Date:
Thursday, January 23, 2020

GDPGross Domestic Product (GDP) posted a year-on-year growth of 6.4 percent in the fourth quarter of 2019, resulting in the 5.9 percent full-year growth for 2019.

Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Manufacturing; and Construction were the main drivers of growth for the fourth quarter of 2019.

Among the major economic sectors, Services posted the fastest growth in the fourth quarter of 2019 with 7.9 percent. Industry grew by 5.4 percent. Agriculture, Hunting, Forestry and Fishing registered a growth of 1.5 percent.

Net Primary Income (NPI) from the Rest of the World and Gross National Income (GNI) had corresponding growths of 4.6 percent and 6.2 percent. On an annual basis, NPI grew by 3.5 percent, and GNI by 5.5 percent.

With the country’s projected population reaching 108.7 million in the fourth quarter of 2019, per capita GDP grew by 4.8 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted a growth of 4.5 percent and 3.9 percent, respectively.

 

CLAIRE DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts main page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP 4th Quarter

Philippine GDP grows by 6.2 percent in Q3 2019

Release Date:
Thursday, November 7, 2019

GDPGross Domestic Product (GDP) grew year-on-year by 6.2 percent in the third quarter of 2019.

Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Construction; and Financial Intermediation were the main drivers of growth for the quarter.

Among the major economic sectors, Services posted the fastest growth with 6.9 percent. Industry grew by 5.6 percent. Agriculture, Hunting, Forestry and Fishing registered a growth of 3.1 percent.

Net Primary Income (NPI) from the rest of the world and Gross National Income (GNI) had corresponding growths of 2.9 percent and 5.6 percent.

With the country’s projected population reaching 108.3 million in the third quarter of 2019, per capita GDP grew by 4.5 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted a growth of 4.0 percent and 4.3 percent, respectively.

 

CLAIRE DENNIS S. MAPA
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts page.

 

Attachment:
Tags:
National Accounts of the Philippines

Philippine GDP records a 5.5 percent growth in Q2 2019

Release Date:
Thursday, August 8, 2019

GDPThe country’s Gross Domestic Product (GDP) grew year-on-year by 5.5 percent in the second quarter of 2019.

Main drivers of growth for the quarter are Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Manufacturing; and Other Services.

Among the major economic sectors, Services had the fastest growth with 7.1 percent. Industry registered a growth of 3.7 percent. Agriculture, Hunting, Forestry and Fishing had a growth of 0.6 percent.

Net Primary Income (NPI) from the rest of the world and Gross National Income (GNI) grew by 3.1 percent and 5.1 percent, respectively.

With the country’s projected population reaching 107.9 million in the second quarter of 2019, per capita GDP grew by 3.8 percent. Meanwhile, per capita GNI and per capita
Household Final Consumption Expenditure (HFCE) posted corresponding growths of
3.5 percent and 3.9 percent.

 

CLAIRE DENNIS S. MAPA
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts of the Philippines main page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

PH GDP posts 5.6 percent growth in the first quarter of 2019

Release Date:
Thursday, May 9, 2019

GDP Q1 2019The country’s Gross Domestic Product (GDP) posted a growth of 5.6 percent in the first quarter of 2019. This was slower than the 6.5 percent growth recorded in the first quarter of 2018.

Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; Manufacturing; and Financial Intermediation were the main drivers of growth for the quarter.

Among the major economic sectors, Services had the fastest growth with 7.0 percent. Industry followed with a growth of 4.4 percent. Agriculture, Hunting, Forestry and Fishing had a growth of 0.8 percent.

Net Primary Income (NPI) from the rest of the world grew by 1.9 percent resulting in the 4.9 percent growth of Gross National Income (GNI).

With the country’s projected population reaching 107.4 million in the first quarter of 2019, per capita GDP grew by 3.9 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) posted corresponding growths of 3.3 percent and 4.6 percent.

 

JOSIE B. PEREZ
Assistant Secretary
Officer-in-Charge

 

See more at the National Accounts of the Philippines main page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP

Philippine GDP grows 6.1 percent in the fourth quarter of 2018; 6.2 percent in 2018

Release Date:
Thursday, January 24, 2019

GDPGross Domestic Product (GDP) posted a 6.1 percent growth in the fourth quarter of 2018, resulting in the 6.2 percent full-year growth for 2018.

The main drivers of growth for the quarter were Construction; Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods; and Other Services.

Among the major economic sectors during the fourth quarter of 2018, Industry had the fastest growth, with 6.9 percent. This was followed by Services, which grew by 6.3 percent, and Agriculture, by 1.7 percent.

Net Primary Income (NPI) grew by 0.9 percent.  As a result, Gross National Income (GNI) posted a growth of 5.2 percent. On an annual basis, GNI grew by 5.8 percent, while NPI’s growth is at 3.7 percent.

With the country’s projected population reaching 107.0 million in the fourth quarter of 2018, per capita GDP and per capita GNI grew by 4.4 percent and 3.6 percent, respectively. Meanwhile, per capita Household Final Consumption Expenditure (HFCE) grew by 3.8 percent.

 

See more at the National Accounts of the Philippines main page.

 

Attachment:
Tags:
National Accounts of the Philippines

Q3 2018 GDP growth slows to 6.1 percent

Release Date:
Thursday, November 8, 2018

The country’s Gross Domestic Product (GDP) grew by 6.1 percent in the third quarter of 2018. Trade, Construction, and Manufacturing were the main drivers of growth for the quarter.

Among the major economic sectors, Services recorded the fastest growth at 6.9 percent, followed by Industry with a growth of 6.2 percent. On the other hand, Agriculture declined by 0.4 percent.

Net Primary Income (NPI) posted a growth of 5.6 percent resulting in the 6.0 percent growth of Gross National Income (GNI).

With the country’s projected population reaching 106.6 million in the third quarter of 2018, per capita GDP grew by 4.4 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) had respective growths of 4.4 percent and 3.5 percent.

 

See more at the National Accounts of the Philippines main page.

 

Attachment:
Tags:
National Accounts of the Philippines

Q2 2018 GDP revised upward to 6.2 percent

Release Date:
Wednesday, November 7, 2018

The second quarter 2018 Gross Domestic Product (GDP) growth was revised to 6.2 percent from 6.0 percent. Major contributors to the upward revision were Other Services; Real Estate, Renting and Business Activity; and Mining and Quarrying.

Net Primary Income (NPI) from the Rest of the World (ROW) was revised down to 4.1 percent from 4.7 percent. Meanwhile, Gross National Income (GNI) had an upward revision of 5.9 percent from 5.8 percent.

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

For more inquiries, please contact Assistant National Statistician Vivian R. Ilarina at telephone number 376-1996 or e-mail address v.ilarina@psa.gov.ph.

Links:
For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates
 

Tags:
National Accounts of the Philippines

Philippine economy grows 6.0 percent in the second quarter of 2018

Release Date:
Thursday, August 9, 2018

The Philippine economy grew by 6.0 percent in the second quarter of 2018. Manufacturing, Trade, and Construction were the main drivers of growth for the quarter. 

 
Among the major economic sectors, Services recorded the fastest growth at 6.6 percent. Industry followed with a growth of 6.3 percent, and Agriculture with a growth of 0.2 percent.
 
Net Primary Income (NPI) posted a growth of 4.7 percent resulting in the 5.8 percent growth of Gross National Income (GNI). Both NPI and GNI recorded a growth of 6.6 percent in the same quarter of the previous year.
 
With the country’s projected population reaching 106.2 million in the second quarter of 2018, per capita GDP grew by 4.3 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 4.1 percent and 4.0 percent, respectively.
 
 
LISA GRACE S. BERSALES, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

 

Links:
For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine economy grows by 6.8 percent in the first quarter of 2018

Release Date:
Thursday, May 10, 2018

The Philippine economy grew by 6.8 percent in the first quarter of 2018. This was faster than the growth recorded in the same quarter of 2017. Manufacturing, Other Services, and Trade were the main drivers of growth for the quarter.

Among the major economic sectors, Industry recorded the fastest growth at 7.9 percent. This was followed by Services with a growth of 7.0 percent. Agriculture also grew at a slower pace of 1.5 percent.

Net Primary Income increased to 4.3 percent during the quarter. Meanwhile, Gross National Income (GNI) posted a growth of 6.4 percent, faster than previous year’s growth of 6.3 percent.

With the country’s projected population reaching 105.8 million in the first quarter of 2018, per capita GDP grew by 5.1 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure grew by 4.7 percent and 4.0 percent, respectively.

 

LISA GRACE S. BERSALES, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

 

See more at the National Accounts of the Philippines landing page.

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Q4 2017 GDP revised downward at 6.5 percent

Release Date:
Thursday, April 12, 2018

Gross Domestic Product (GDP) for the Fourth Quarter of 2017 was revised downward from 6.6 percent to 6.5 percent. Major contributors to the downward revision were Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods, Financial Intermediation, and Other Services.

Relatedly, Gross National Income (GNI) and Net Primary Income (NPI) from the Rest of the World (ROW) were revised to 6.1 percent and 3.7 percent from 6.2 percent and 4.1 percent, respectively.  

Although revisions were noted in the quarterly growth, the annual growth rate of GDP for 2017 was maintained at 6.7 percent.

The PSA revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions.

For more inquiries, please contact Assistant National Statistician Vivian R. Ilarina at telephone number 376-1996 or e-mail address v.ilarina@psa.gov.ph.

 

Links:

For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates

Attachment:
Tags:
National Accounts of the Philippines

Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2017; 6.7 percent in 2017

Release Date:
Tuesday, January 23, 2018

Gross Domestic Product (GDP) posted a 6.6 percent growth in the fourth quarter of 2017, driving the economy to grow by 6.7 percent for the entire year of 2017.

Manufacturing, Trade, and Real Estate, Renting and Business Activities were the main drivers of growth for the fourth quarter. 

Among the major economic sectors during the fourth quarter of 2017, Industry had the fastest growth of 7.3 percent, followed by Services which grew by 6.8 percent during the quarter.  Agriculture grew by 2.4 percent, rebounding from a 1.3 percent decline in the same quarter of the previous year.

Net Primary Income (NPI) accelerated by 4.1 percent compared with the 3.3 percent growth recorded in the fourth quarter of 2016.  As a result, Gross National Income (GNI) posted a growth of 6.2 percent, faster than previous year’s growth of 6.0 percent. On an annual basis, GNI grew by 6.5 percent, while NPI’s growth is at 5.6 percent.

With the country’s projected population reaching 105.3 million in the fourth quarter of 2017, per capita GDP and per capita GNI grew by 5.1 percent and 4.7 percent, respectively.
 

 

LISA GRACE S. BERSALES, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts of the Philippines landing page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

Philippine Economy Grows by 6.9 Percent in the Third Quarter of 2017

Release Date:
Thursday, November 16, 2017

Gross Domestic Product (GDP) grew by 6.9 percent in the third quarter of 2017.  Manufacturing, Trade, and Real Estate, Renting and Business Activities were the main drivers of growth for the quarter.

Among the major economic sectors, Industry recorded the fastest growth of 7.5 percent followed by Services with 7.1 percent growth. Meanwhile, Agriculture slowed down by 2.5 percent from 3.0 percent growth in the previous year.

Net Primary Income from the Rest of the World (NPI) grew by 5.7 percent compared with the 4.1 percent growth recorded in the same quarter of the previous year. As a result, Gross National Income (GNI) posted a growth of 6.7 percent.

With the country’s projected population reaching 104.9 million in the third quarter of 2017, per capita GDP grew by 5.4 percent. Meanwhile per capita GNI and per capita Household Final Consumption Expenditure grew by 5.2 percent and 3.0 percent, respectively.

 

LISA GRACE S. BERSALES, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the National Accounts of the Philippines landing page.

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy Grows by 6.5 Percent in the Second Quarter; 6.4 Percent in the First Half of 2017

Release Date:
Thursday, August 17, 2017

Gross Domestic Product (GDP) grew by 6.5 percent in the second quarter of 2017 and 6.4 percent in the first half of the year. Manufacturing, Trade, and Real Estate, Renting and Business Activities were the main drivers of growth for the quarter.

 
Among the major economic sectors, Industry recorded the fastest growth at 7.3 percent. Services slowed down to 6.1 percent compared with its 8.2 percent growth posted in the same quarter of the previous year. Meanwhile, Agriculture recovered with 6.3 percent growth from 2.0 percent decline in the previous year.
 
Net Primary Income from the Rest of the World (NPI) grew by 8.6 percent compared with the 6.1 percent growth recorded in the same quarter of the previous year. As a result, Gross National Income (GNI) posted a growth of 6.8 percent.
 
With the country’s projected population reaching 104.5 million in the second quarter of 2017, per capita GDP grew by 5.0 percent. Meanwhile per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 5.3 percent and  4.4 percent, respectively.
 
 
 
LISA GRACE S. BERSALES, Ph.D.
Undersecretary
National Statistician and Civil Registrar General
 
 
 
 
Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine Economy Posts 6.4 Percent GDP Growth in the First Quarter of 2017

Release Date:
Thursday, May 18, 2017

Gross Domestic Product (GDP) posted a 6.4 percent growth in the first quarter of 2017. Manufacturing, Trade, and  Other Services were the main drivers of growth for the quarter. 
 
Among the major economic sectors, Services had the fastest growth of 6.8 percent. Industry decelerated to 6.1 percent as compared with the 9.3 percent growth recorded in the first quarter of 2016. Meanwhile, Agriculture recovered with 4.9 percent growth from a decline of 4.3 percent from the previous year.
 
 
Net Primary Income from the rest of the world (NPI) slowed down by 3.9 percent compared with the 9.4 percent growth recorded in the same quarter of the previous year.  As a result, Gross National Income (GNI) posted a growth of 5.9 percent.
 
On a seasonally adjusted basis, GDP and GNI grew quarter on quarter by 1.1 percent and 1.0 percent, respectively. Agriculture, Hunting, Forestry and Fishing (AHFF) and Services rose by 1.6 percent and 1.4 percent, respectively. Likewise, Industry expanded by 0.4 percent from the previous quarter.
 
With the country’s projected population reaching 104.1 million in the first quarter of 2017,  per capita GDP grew by 4.9 percent. Meanwhile, per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent and 4.2 percent, respectively. 
 
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General

 

See more at the National Accounts of the Philippines landing page.

 

 

Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Philippine Economy Posts 6.6 Percent GDP Growth in the Fourth Quarter of 2016; 6.8 percent in 2016

Release Date:
Thursday, January 26, 2017

Gross Domestic Product (GDP) posted a 6.6 percent growth in the fourth quarter of 2016, driving the economy to grow by 6.8 percent for the entire year. The fourth quarter growth was the slowest recorded for the year, but was higher than the 6.5 percent growth in the fourth quarter of 2015.

 
Manufacturing, Trade, and Real Estate, Renting and Business Activities were the main drivers of growth for the quarter.  
 
Among the major economic sectors, Industry had the fastest growth at 7.6 percent, higher than previous year’s 6.5 percent growth. Services decelerated by 7.4 percent compared with the 7.8 percent growth in the fourth quarter of 2015. On the other hand, Agriculture declined further by 1.1 percent. In the same period of the previous year, it dropped by 0.2 percent.
 
Net Primary Income (NPI) slowed down by 4.1 percent compared to the 11.5 percent growth recorded in the fourth quarter of 2015.  As a result, Gross National Income (GNI) posted a growth of 6.1 percent, slower than previous year’s growth of 7.3 percent. On an annual basis, GNI accelerated by 6.6 percent, maintaining the NPI’s growth at 5.3 percent.
 
With the country’s projected population reaching 103.9 million in the fourth quarter of 2016, per capita GDP and per capita GNI grew by 4.8 percent and 4.4 percent, respectively. 
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
 
 
 
 
Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

Philippine Economy Posts 7.1 Percent GDP Growth in the Third Quarter of 2016

Release Date:
Thursday, November 17, 2016

The Gross Domestic Product (GDP) grew year-on-year by 7.1 percent in the third quarter of 2016. This growth is driven by Manufacturing, Trade, and Real Estate, Renting and Other Business Activities.  This is higher than the growth rates of 7.0 percent in the second quarter of 2016 and 6.2 percent in the third quarter of 2015.  

 
Among the major sectors, Services posted a growth of 6.9 percent in the third quarter of 2016, lower than the 7.2 percent growth in the previous year.  On the other hand, Industry accelerated to 8.6 percent compared with       6.1 percent in 2015. Meanwhile, after five consecutive quarters of decline, Agriculture rebounded to 2.9 percent in the third quarter of 2016.  In the same period last year, it declined by 0.1 percent.
 
Net Primary Income (NPI) slowed down to 2.5 percent in the third quarter of 2016 compared with 6.8 percent in 2015.  As a result, Gross National Income (GNI) grew by 6.3 percent.
 
With the country’s projected population reaching 103.5 million in the third quarter of 2016, per capita GDP and per capita GNI grew by 5.3 percent and 4.6 percent, respectively.  These are both higher than the respective growth of 4.4 percent and 4.5 percent in 2015.
 
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
 
 
 
 
 
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy Posts 7.0 Percent GDP Growth in 2nd Quarter; 6.9 Percent in First Half of 2016

Release Date:
Thursday, August 18, 2016

The Gross Domestic Product (GDP) grew year-on-year by 7.0 percent in the second quarter of 2016. This growth is driven by the Services sector, particularly Trade, Real Estate, and Other Services.  This is higher than the 5.9 percent growth in the same period last year.

 
For the second quarter of 2016, Services expanded by 8.4 percent and Industry expanded by 6.9 percent. These are higher than the previous growth rates of 6.7 percent and 6.1 percent, respectively. On the other hand, Agriculture declined by 2.1 percent. In 2015, it declined by 0.1 percent.
 
Net Primary Income (NPI) from the Rest of the World improved by 6.2 percent compared with 2.5 percent in 2015. This pushed Gross National Income (GNI) to expand by 6.8 percent from the previous year’s 5.4 percent.
 
For the first semester of 2016, GDP grew by 6.9 percent, NPI by 8.0 percent, and GNI by  7.1 percent. These growth rates are all higher than the 5.5 percent, 1.5 percent, and 4.8 percent respective growth rates posted in the first semester of 2015.
 
With the country’s projected population reaching 103.0 million in the second quarter of 2016, per capita GDP and per capita GNI grew by 5.2 percent and 5.1 percent, respectively. These are both higher than the respective growth of 4.2 percent and 3.6 percent in 2015.
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
 
 
 
 
 
 
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine Economy Posts 6.9 percent GDP Growth

Release Date:
Thursday, May 19, 2016

The country’s Gross Domestic Product (GDP) grew by 6.9 percent in the first quarter of 2016, the highest since the second quarter of 2013, from 5.0 percent the previous year. 

 
The main driver of GDP growth for the quarter was the Services Sector which accelerated to 7.9 percent from 5.5 percent while Industry grew by 8.7 percent from 5.3 percent posted last year.
 
On the other hand, the Agriculture sector declined by 4.4 percent, the fourth consecutive quarterly decline since the second quarter of 2015, from a growth of 1.0 percent in the first quarter of 2015.
 
Net Primary Income (NPI) from the Rest of the World grew by 10.7 percent from 0.5 percent the previous year, driving the Gross National Income (GNI) to post a growth of 7.6 percent, the highest since the third quarter of 2013, from the previous year’s 4.1 percent.
 
With the country’s projected population reaching 102.6 million in the first quarter of 2016, per capita GDP grew by 5.2 percent from 3.2 percent in the same quarter of 2015.  Per capita GNI grew by 5.8 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 5.3 percent from last year’s growth of 2.4 percent and 4.3 percent, respectively.
 
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician and Civil Registrar General
 
 
 
 
Attachment:
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Philippine Economy Grew by 6.3 percent in Q4 2015; 5.8 percent in 2015

Release Date:
Thursday, January 28, 2016

The country’s Gross Domestic Product (GDP) in the fourth quarter of 2015 grew by 6.3 percent, the highest quarterly growth for the year. The growth, however, is slower than the 6.6 percent posted in the same period of last year.

The fourth quarter GDP was driven by the Services sector which accelerated to 7.4 percent from 5.6 percent while Industry decelerated to 6.8 percent from 9.1 percent. On the other hand, Agriculture contracted by 0.3 percent from a growth of 4.2 percent in the previous year.
 
The fourth quarter growth paved the way for the economy to grow by 5.8 percent for the whole year of 2015 from 6.1 percent in 2014. Services was the main driver of the economy at 6.7 percent growth from 5.9 percent the previous year.  Industry and the entire Agriculture both decelerated with 6.0 percent and 0.2 percent from 7.9 percent and 1.6 percent, respectively.
 
Meanwhile, Net Primary Income (NPI) from the Rest of the World grew by 5.4 percent in the fourth quarter of 2015 from 1.4 percent the same period last year, driving the Gross National Income (GNI) to post a growth of 6.2 percent from the previous year’s 5.7 percent.
 
On an annual basis, GNI slowed down to 5.4 percent in 2015 from 5.8 percent the previous year with the deceleration of NPI to 3.6 percent in 2015 from 4.1 percent in 2014.
 
 
 
LISA GRACE S. BERSALES, Ph. D.
National Statistician and Civil Registrar General

 

 

Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

PHILIPPINE ECONOMY POSTS 6.0 PERCENT GDP GROWTH

Release Date:
Thursday, November 26, 2015

GDP grew year-on-year by 6.0 percent in the third quarter of 2015.This is higher than the growth rates of 5.8 percent in the second quarter of 2015 and the 5.5 percent in the third quarter of 2014.

The third quarter growth was driven by the Services sector which accelerated to 7.3 percent from 5.6 percent. This performance is the highest since the 7.4 percent growth recorded in the third quarter of 2013. The entire Agriculture sector recovered in the third quarter by 0.4 percent from a 2.6 percent decline posted during the same period last year. On the other hand, the Industry sector slowed down to 5.4 percent from 7.8 percent last year.
 
Among the three major economic sectors, Services gave the highest contribution to the GDP growth in the third quarter with 4.2 percentage points. This was followed by Industry with 1.8 percentage points while Agriculture contributed 0.03 percentage point.
 
The Net Primary Income (NPI) rebounded to 4.7 percent from a contraction of 3.1 percent in the previous year. As a result, the Gross National Income (GNI) accelerated to 5.8 percent from 3.9 percent in the third quarter of 2014.
 
With projected population reaching to a level of 101.8 million, per capita GDP grew by 4.3 percent from 3.7 percent, while per capita GNI accelerated to 4.1 percent from 2.2 percent. Likewise, per capita Household Final Consumption Expenditure (HFCE) went up by 4.6 percent from 3.2 percent.
 
 
 
LISA GRACE S. BERSALES, Ph. D.
National Statistician and
Civil Registrar General
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy posts 5.6 percent GDP growth; 5.3 percent in first half of 2015

Release Date:
Thursday, August 27, 2015

GDP grew year-on-year by 5.6 percent in the second quarter of 2015. This is lower than the 6.7 percent in the same period last year but higher than the growth rate of 5.0 percent in the first quarter of 2015.

The second quarter growth was driven by the Services sector with the positive growth exhibited by Trade, Other Services Real Estate, Renting & Business Activities, and supported by the growth of Manufacturing and Construction.

 
Gross  National  Income (GNI),  on  the  other  hand,  grew  by 5.0 percent  from   6.9 percent the same period last year. The slowdown in OFW deployment pulled down the growth of Net Primary Income from the Rest of the World to 2.2 percent from 7.9 percent last year.
 
For the first semester of 2015, GDP grew by 5.3 percent from 6.2 percent while GNI  grew by   4.6 percent from a growth of 6.7 percent in the first semester of 2014.
 
With  the  country’s  projected  population  reaching 101.4 million  in  the  second  quarter  of  2015,   per capita GDP grew by 3.8 percent from 4.9 percent of the same quarter of 2014, per capita GNI grew by 3.3 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent from last year’s growth of 5.1 percent and 3.9 percent, respectively.
 
 
 
(Sgd.) LISA GRACE S. BERSALES, Ph. D.
National Statistician and
Civil Registrar General
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

PHILIPPINE ECONOMY POSTS 5.2 PERCENT GDP GROWTH

Release Date:
Thursday, May 28, 2015

The domestic economy grew by 5.2 percent in the first quarter of 2015 from 5.6 percent the previous year.

The main driver of GDP growth for the quarter was the Services Sector which grew by 5.6 percent from 6.8 percent. Industry, on the other hand, accelerated to 5.5 percent from 5.4 percent posted last year. Similarly, the Agriculture sector accelerated to 1.6 percent from 0.6 percent.

Among the three major economic sectors, Services gave the highest contribution to the GDP growth in the first quarter of 2015 contributing 3.1 percentage points followed by Industry 1.9 percentage points, and the whole Agriculture sector 0.2 percentage point.
 
Net Primary Income from the Rest of the World grew by 2.7 percent from 11.1 percent in the first quarter of 2014. This, together with the GDP performance, resulted to GNI’s growth of 4.7 percent from 6.6 percent in the first quarter of 2014.
 
With the country’s projected population reaching 100.9 million in the first quarter of 2015, per capita GDP grew by 3.4 percent from 3.8 percent while per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 3.0 percent and 3.6 percent from 4.8 percent and 4.3 percent, respectively.
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician and 
Civil Registrar General 
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Philippine Economy Grew by 6.1 percent in 2014; 6.9 percent in Q4 2014

Release Date:
Thursday, January 29, 2015

The National Income Accounts (Gross Domestic Product and Gross National Income) is one of the major macroeconomic statistics compiled and disseminated by the Philippine Statistics Authority, to provide information about the performance of the Philippine economy as basis for economic analysis and policy formulation.

For the Fourth Quarter of 2014, the country’s Gross Domestic Product (GDP) accelerated to 6.9 percent from 6.3 percent in the same period of last year. This followed three consecutive quarters of decelerated growth. The robust performance of Industry sector particularly by Manufacturing and Construction and supported by the Trade, Real Estate, Renting & Business Activities, and Transport, Storage & Communication, boosted the fourth quarter performance and paved the way for the annual GDP to post a growth of 6.1 percent.

 
On the demand side, Household Final Consumption Expenditure (HFCE) together with the sustained investments in Fixed Capital Formation and the remarkable performance of external trade all contributed to the healthy growth of the economy in the fourth quarter and for the full year 2014.
 
On an annual basis, Gross National Income (GNI) slowed down to 6.3 percent in 2014 from 7.5 percent the previous year with the deceleration of Net Primary Income (NPI) to 7.3 percent in 2014 from 9.0 percent in 2013. For the fourth quarter, GNI decelerated to 6.3 percent in 2014 from the previous year’s 7.2 percent with the slowdown of NPI by 2.8 percent from a double digit growth of 12.3 percent the previous year. 
 
From the third to the fourth quarter of 2014, seasonally adjusted GNI grew by 2.3 percent compared to the 0.6 percent growth in Q3 2013. Seasonally adjusted GDP accelerated to 2.5 percent from 0.7 percent in the previous period. Agriculture rebounded to 6.0 percent from negative 3.0 percent; while both the Industry and Services sectors accelerated to 3.6 percent and 1.3 percent respectively, from a growth of 1.1 percent recorded by both sectors in the previous quarter of 2014. 
 
 
 
 
 
LISA GRACE S. BERSALES, Ph.D.
National Statistician 
 
Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

PHILIPPINE ECONOMY POSTS 5.3 PERCENT GDP GROWTH

Release Date:
Thursday, November 27, 2014

GDP grew year-on-year by 5.3 percent in the third quarter of 2014. This is lower than the growth rates of 6.4 percent in the second quarter of 2014 and 7.0 percent in the third quarter of 2013.

The Services Sector decelerated to 5.4 percent but remained the main driver of GDP growth for the quarter. It is noted that the growth in Services sector has been on the downward trend since Q1 of 2014. Similarly, the Industry Sector slowed down to 7.6 percent, slightly lower than the previous year’s and previous quarter’s growth of 7.7 percent and 7.9 percent, respectively. The entire Agriculture sector declined by 2.7 percent, the lowest since Q4 2009. 
 
Among the three major economic sectors, Services gave the highest contribution to the GDP growth in the third quarter with 3.1 percentage points. This was followed by Industry with 2.4 percentage points while the whole Agriculture sector pulled down GDP growth with negative 0.3 percentage point.
 
With the deceleration of the Net Primary Income (NPI) from the Rest of the World in the third quarter of 2014 to 2.7 percent from 19.9 percent the previous year, the Gross National Income (GNI) slowed down to 4.8 percent from 9.0 percent in the third quarter of 2013.
 
With projected population reaching to a level of 100.1 million, per capita GDP slowed down to 3.5 percent, per capita GNI decelerated to 3.1 percent while per capita Household Final Consumption Expenditure (HFCE) went down to 3.4 percent.
 
 
 
 
 
LISA GRACE S. BERSALES, Ph. D
National Statistician
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

PHILIPPINE ECONOMY POSTS 6.4 PERCENT GDP GROWTH; 6.0 PERCENT IN FIRST HALF OF 2014

Release Date:
Thursday, August 28, 2014

GDP grew year-on-year by 6.4 percent in the second quarter of 2014 from 7.9 percent in the same period last year but higher than the growth rate of 5.6 percent in the first quarter of 2014.

The second quarter growth was driven by the Industry sector which grew by 7.8 percent, followed by the Services sector which grew by 6.0 percent.
 
It is noted that the growth in Industry sector is lower than the previous year’s growth rates of 10.5 percent in Q2 but higher than the 5.3 percent in Q1 this year. Manufacturing, which grew by 10.8 percent, was the highest contributor in the industry sector.
 
On the other hand, growth in the Services sector is lower than that in Q2 2013 at 7.8 percent and Q1 2014 at 6.8 percent. Meanwhile, Agriculture rebounded to 3.6 percent from a decline of 0.2 percent in Q2 2013. 
 
Gross National Income (GNI) accelerated by 7.3 percent from 6.4 percent the same period last year with the continued inflow of remittances that boosted the rebound of Net Primary Income from the Rest of the World by 12.7 percent from a decline of 1.2 percent last year.
 
For the first semester of 2014, GDP grew by 6.0 percent from 7.8 percent in the first semester of 2013 while GNI accelerated by 7.2 percent from 6.8 percent.
 
With the country’s projected population reaching 99.7 million in the second quarter of 2014, per capita GDP grew by 4.6 percent from 6.0 percent of the same quarter of 2013. Per capita GNI grew by 5.5 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 3.6 percent, from 4.6 percent and 3.3 percent in the previous year, respectively.
 
 
 
 
 
ROMEO S. RECIDE
Officer-in-Charge
Office of the National Statistician
 
 
 
 
 
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

PHILIPPINE ECONOMY POSTS 5.7 PERCENT GDP GROWTH

Release Date:
Thursday, May 29, 2014

GDP grew year-on-year by 5.7 percent in the first quarter of 2014. This is lower than the growth rates of 6.3 percent in the fourth quarter of 2013 and 7.7 percent in the first quarter of that year.
 

PHILIPPINE ECONOMY POSTS 5.7 PERCENT GDP GROWTH

The first quarter growth was driven by the services sector which grew by 6.8 percent and then by the Industry sector which grew by 5.5 percent.
 
It is noted that the growth in services sector is higher than the previous year’s growth rates of 6.5 percent in Q1 and 6.7 percent in Q4.  On the other hand, growth in the Industry sector is lower than that in Q1 2013 at 11.3 percent and Q4 2013 at 7.6 percent.
 
Among the three major economic sectors, Services made the highest contribution to the GDP growth in the first quarter of 2014 contributing 3.8 percentage points followed by Industry with 1.8 percentage points, and the whole Agriculture sector with 0.1 percentage point.
 
The continued inflow of income from overseas workers accelerated the Net Primary Income from the Rest of the World to grow by 17.3 percent, boosting the Gross National Income (GNI) growth to 7.6 percent.
 
With the country’s projected population reaching 99.2 million in the first quarter of 2014, per capita GDP grew by 3.9 percent from 5.8 percent of the same quarter of 2013 per capita GNI grew by 5.8 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 4.0 percent from 5.5 percent and 3.7 percent, respectively.
 
 
 
(Sgd.) LISA GRACE S. BERSALES
National Statistician
 
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Philippine Economy Grew by 7.2 percent in 2013; 6.5 percent in Q4 2013

Release Date:
Thursday, January 30, 2014

Despite the devastation brought about by the series of natural disasters that hit the country in the last quarter of 2013, the country’s Gross Domestic Product (GDP) grew by 6.5 percent in the fourth quarter of 2013 driven by the Services sector , particularly, Trade and Real Estate, Renting & Business Activities, and by the accelerated performance of Manufacturing, paving the way for the annual GDP to post a growth of 7.2 percent.

 
On the demand side, sustained consumer and government spending for the whole year buttressed by increased investments in Fixed Capital Formation, particularly in Durable Equipment, contributed to the healthy GDP growth in 2013.  In the fourth quarter, the diminished government spending was not able to negate the robust GDP growth sustained by consumer spending and investments in fixed capital formation and the growth in international trade.
 
Meanwhile, on an annual basis, Gross National Income (GNI) grew by 7.5 percent in 2013 (the highest since the 8.5 percent growth posted in year 2003) from 6.5 percent the previous year with Net Primary Income (NPI) from the Rest of the World growing by 9.4 percent in 2013 from 4.8 percent in 2012.
 
For the fourth quarter, NPI grew by 15.1 percent, the highest since the first quarter of 2010, from 2.7 percent the previous year.  This, together with the GDP performance, resulted to GNI’s growth of 7.8 percent in 2013 from the previous year’s 6.4 percent.
 
From the third to the fourth quarter, seasonally adjusted GDP and GNI grew by 1.5 percent and 1.4 percent, respectively.  Both the entire Agriculture sector and the Services sector grew by 0.7 percent from 0.8 percent and 1.6 percent, respectively in the previous quarter. On the other hand, Industry expanded by 3.2 percent due to the expansion of Manufacturing.
 
With the robust economic growth in 2013, per capita GDP accelerated to 5.4 percent from 5.0 percent in 2012.  Likewise, per capita GNI grew in 2013 by 5.8 percent from 4.7 percent in the previous year.
 
Per Capita Household Final Consumption Expenditure (HFCE), on the other hand, decelerated to 3.9 percent in 2013 from 4.8 percent the previous year.
 
 
CARMELITA N. ERICTA
OIC-National Statistician
Tags:
National Accounts of the Philippines, NAP 4th Quarter

Philippine Economy posts 7.0 percent GDP growth in Q3 2013

Release Date:
Thursday, November 28, 2013

The domestic economy grew by 7.0 percentin the third quarter of 2013 from 7.3 percent recorded the previous year boosting the 2013 first nine months growth to 7.4 percent from 6.7 percent last year.  The third quarter growth was driven by the Services sector with the robust performance of Real Estate, Renting & Business Activities, Trade and Financial Intermediation sustained by the accelerated growth of the Industry sector.

On the demand side, growth in the third quarter of 2013 came from increased investments in Fixed Capital, reinforced by consumer and government spending, and the robust growth in external trade.
 
With accelerated growth of the Net Primary Income (NPI) from the Rest of the World in the third quarter of 2013 by 11.9 percent, the Gross National Income (GNI) expanded by 7.8 percent in the third quarter of 2013 from 7.3 percent in the third of 2012.
 
On a seasonally adjusted basis, GDP posted a positive growth of 1.1 percent in the third quarter of 2013 but this was a deceleration from 1.6 percent in the previous quarter while GNI accelerated by 1.8 percent in the third quarter of 2013 from 1.1 percent in the second quarter of 2013.  The entire Agriculture sector rebounded its seasonally adjusted growth to 0.7 percent from a decline of 0.7 percent in the previous quarter while Industry decelerated to 0.3 percent from 1.4 percent. On the other hand, the Services sector recorded a 1.6 percent seasonally adjusted growth for the third quarter of 2013 from 2.1 percent in the previous quarter with the positive growth of all its subsectors.
 
With projected population growing by 1.6 percent to a level of 97.6 million, per capita GDP grew by 5.2 percent, per capita GNI accelerated by 6.0 percent while per capita Household Final Consumption Expenditures (HFCE) decelerated by 4.5 percent.
 
 
 
 
JOSE RAMON G. ALBERT
Secretary-General, NSCB
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy posts 7.5 percent GDP growth In 2nd Quarter; 7.6 percent in first half of 2013

Release Date:
Thursday, August 29, 2013

The domestic economy accelerated in the second quarter of 2013 to 7.5 percent from 6.3 percent recorded the previous year boosting the 2013 first semester growth to 7.6 percent from 6.4 percent in the first half of 2012.  The second quarter growth is the fourth consecutive GDP growth of more than 7.0 percent under the Aquino Administration. 

 
The resilient Services sector, which grew by 7.4 percent, remained the main driver of the country’s growth supported by the 10.3 percent and 17.4 percent growth of  manufacturing and construction, respectively boosting the Industry sector to grow by 10.3 percent.
 
On the demand side, the growth came mainly from consumer and public spending buttressed by increased investments in Fixed Capital.  External trade has been lackluster.
 
The growth in the Net Factor Income from Abroad at 2.7 percent together with the impressive growth in the domestic economy pushed the Gross National Income (GNI) to grow by 6.8 percent from 6.5 percent 2012.
 
For the first semester of 2013, GNI grew by 7.3 percent from 6.1 percent in the first semester of 2012.
 
On a seasonally adjusted basis, GDP grew at 1.4 percent but this was slower than the previous quarter’s growth of 2.3 percent.  Similarly, GNI grew by a slower pace of 1.2 percent in the second quarter of 2013 compared to 2.2 percent in the first quarter of 2013.
 
With projected population reaching 97.2 million, per capita GDP accelerated to 5.8 percent.  Similarly, per capita GNI upped its growth by 5.0 percent while per capita Household Final Consumption Expenditure (HCFE) slowed down by 3.5 percent.
 
 
 
JOSE RAMON G. ALBERT
Secretary-General
 
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine economy posts 7.8 percent GDP growth

Release Date:
Thursday, May 30, 2013

With the upbeat business and consumer sentiment, as well as sustained government capital expenditure, the Philippine economy posted a 7.8 percent GDP growth in the first quarter of 2013 from 6.5 percent the previous year.  The Q1 growth is the highest so far under the Aquino administration and also the third consecutive quarter of more than 7.0 percent GDP growth.

 
The robust growth was boosted by the strong performance of Manufacturing and Construction, backed up by Financial Intermediation and Trade.
 
On the demand side, increased consumer and government spending shored up by increased investments in Construction and Durable Equipment contributed to the highest quarterly GDP growth since the second quarter of 2010.
 
The continued inflow of remittances from our overseas workers accelerated the Net Primary Income from the Rest of the World to grow by 3.2 percent boosting the Gross National Income (GNI) growth to 7.1 percent from 5.7 percent in 2012.
 
On a seasonally adjusted basis, GDP is gaining momentum growing by 2.2 percent in the first quarter of 2013; GNI grew by 1.9 percent.  All major sectors posted positive growth in seasonally adjusted terms for the first quarter of 2013.  In particular, the entire Agriculture sector posted a growth of 0.8 percent in the first quarter of 2013 from 0.4 percent the previous quarter.  However, Industry slowed down to 2.5 percent growth in the first quarter of 2013 from 4.0 percent in the previous quarter.  But the Services sector accelerated to 2.2 percent in the first quarter of 2013 from 1.1 percent in the previous quarter as all its subsectors recorded positive growth.  Positive growth in seasonally adjusted terms across major sectors has been resulting since the fourth quarter of 2010.
 
With the country’s projected population reaching 96.8 million in the first quarter of 2013, per capita GDP grew by 6.1 percent while per capita GNI grew by 5.3 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 3.4 percent.
 
 
 
JOSE RAMON G. ALBERT
Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Philippine Economy accelerates by 7.1 percent in Q3 2012

Release Date:
Wednesday, November 28, 2012

Beating expectations, the domestic economy accelerated for the third consecutive quarter to 7.1 percent this year from the 3.2 percent last year.  The beyond expectation third quarter growth was driven by the Services sector with the robust performances of Transport, Storage  & Communication, Financial Intermediation, and Real Estate, Renting & Business Activities supported by the five consecutive quarters of sustained accelerated growth of the Industry and the seemingly weather tolerant Agriculture sector.  With the upwardly revised second quarter Gross Domestic Product (GDP) estimate, the growth for the first nine months of 2012 at 6.5 percent surpassed the upper end target of the 6.0 percent for the whole year.
 
On the demand side, increased consumer and government spending, increased investments in Construction, and the third consecutive quarter of growth in external trade contributed to the highest quarterly growth since the third quarter of 2010.
 
The rebound of the Net Primary Income from the Rest of the World by 4.9 percent pushed the Gross National Income (GNI) to grow by 6.6 percent from 2.2 percent in 2011.
 
On a seasonally adjusted basis, GDP grew by 1.3 percent from 1.2 percent while GNI grew at a slower pace of 1.2 percent in the third quarter from 1.4 percent in the second quarter of 2012.  Agriculture, Hunting, Forestry and Fishery sector grew by 0.2 percent, a slowdown from the 1.7 percent in the previous quarter while Industry accelerated at 2.1 percent from 0.2 percent with all subsectors except for Mining and Quarrying contributing robustly to the growth.  On the other hand, the Services sector recorded a 1.0 percent growth for the third quarter of 2012 from 1.7 percent in the previous quarter with the positive growth of all its subsectors.
 
With projected population growing by 1.7 percent to 96.0 million, per capita GDP grew by 5.3 percent, per capita GNI accelerated by 4.8 percent while per capita Household Final Consumption Expenditures (HFCE) upped its growth by 4.4 percent.
 
 
 
 
JOSE RAMON G. ALBERT
Secretary-General, NSCB
 
 
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy posts 5.9 percent GDP growth in 2nd quarter, 6.1 percent in first half of 2012

Release Date:
Thursday, August 30, 2012

The domestic economy accelerated in the second quarter of 2012 to 5.9 percent from 3.6 percent recorded the previous year boosting the first semester growth to 6.1 percent from 4.2 percent.  The resilient Services sector remained the main driver of growth supported by the sustained growth of manufacturing and the rebound of construction. 

 
On the demand side, growth came from the positive contribution, of all the expenditure items, except for Changes in Inventories, led by consumer spending and the improved growth of external trade.
 
The continued inflow of remittances from our overseas workers pushed the growth of Net Primary Income from the rest of the world (NPI) to 4.5 percent from a decline of 1.1 percent in 2011 thrusting the Gross National Income (GNI) to accelerate to 5.6 percent from 2.4 percent.
 
For the first semester, GNI grew by 5.4 percent from 3.0 percent in the first semester of 2011.
 
On a seasonally adjusted basis, GDP decelerated at 0.2 percent.  Similarly, GNI grew by a slower pace of 1.0 percent in the second quarter of 2012.  All three major sectors failed to sustain their gains in the first quarter of 2012.  Agriculture, Hunting, Forestry and Fishery sector posted 1.2 percent growth in the second quarter from 2.7 percent in the first quarter of 2012.  Industry declined by 2.4 percent from a 3.8 percent gain in the previous quarter.  Services sector posted a 1.5 percent growth for the second quarter of 2012 from 2.6 percent in the previous quarter.
 
With projected population reaching 96.0 million, per capita GDP accelerated to 3.7 percent.  Similarly, per capita GNI upped its growth by 3.4 percent while per capita HFCE slowed down by 3.5 percent.
 
 
 
 
LINA V. CASTRO
Officer in Charge
Office of the Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine Economy posts 6.4 percent GDP growth

Release Date:
Thursday, May 31, 2012

After four quarters of lackluster performance, the Philippine Economy is off to a rousing start in the year of the water dragon as GDP grew by 6.4 percent in the first quarter of 2012 compared to an upwardly revised growth of 4.9 percent last year.  The above expectations growth benefitted from a regime of benign inflation and drew from the revitalized Services sector, particularly from Trade and Other Services.  It also got a big boost from manufacturing which has recovered some grounds that got eroded during the third and fourth quarters last year.

 
On the demand side, the growth came mainly from net exports and the robust Households spending.
 
With compensation of our overseas workers on the rebound, the Net Primary Income (NPI) grew by 4.0 percent pushing the GNI/GNP growth to 5.8 percent from 3.5 percent in 2011.
 
On a seasonally adjusted basis, GDP gained momentum growing by 2.5 percent in the first quarter of 2012 while GNI grew by a slower pace of 1.3 percent.  With the growth of Poultry, Livestock, Corn, and Coconut including copra, the Agriculture, Hunting, Forestry and Fishery sector posted a turnaround growth of 2.5 percent in the first quarter from two consecutive quarters of decline. However, Industry slowed down to 2.2 percent growth from 3.3 percent in the previous quarter. But the Services sector accelerated to 2.6 percent from 1.3 percent in the previous quarter as all its subsectors recorded positive growth.
 
With projected population reaching 95.2 million, per capita GDP grew by 4.6 percent while Per capita GNI grew by 4.0 percent and per capita HFCE grew by 4.9 percent. Per capita HFCE has been growing robustly since the fourth quarter of 2010.
 
 
 
 
ROMULO A. VIROLA
Secretary-General, NSCB
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Philippine Economy Posts GDP Growth of 6.8 percent in Q4 2012

Release Date:
Tuesday, January 31, 2012

The country’s Gross Domestic Product (GDP) grew by 6.8 percent in the fourth quarter of 2012, paving the way for the full-year GDP estimate to post a broad-based growth of 6.6 percent.  The increase was fuelled by the robust performance of the Services sector   led by Trade and Real Estate, Renting & Business Activities as well as the substantial improvements of Manufacturing and Construction.

 
On the demand side, Household Final Consumption Expenditure (HFCE) together with government spending, the recovery of capital formation and the remarkable performance of the external trade contributed to the healthy growth of the economy in the fourth quarter and the whole year of 2012.
 
On an annual basis, Gross National Income (GNI) and Net Primary Income from the rest of the world (NPI) expanded to 5.8 percent and 3.3 percent in 2012 from 3.2 percent and 1.0 percent, respectively in 2011. 
 
In the fourth quarter, NPI increased by 0.9 percent in 2012 from 6.2 percent in the same period in 2011 resulting to GNI’s growth of 5.4 percent in 2012 from 4.5 percent in the previous year.
 
Meanwhile, seasonally adjusted GDP and GNI grew by 1.5 percent and 1.2 percent, respectively during the current quarter.  The Agriculture, Hunting, Forestry and Fishing (AHFF) and the Services sectors rose by 0.1 and 1.2 percent, respectively,  while the Industry sector expanded by 2.5 percent due to the growth of Construction and Manufacturing. 
 
With the robust economic growth in 2012, per capita GDP accelerated to 4.8 percent from 2.2 percent in 2011 while per capita GNI climbed by 4.0 percent in 2012 from 1.5 percent in 2011. On the other hand, per capita Household Final Consumption Expenditure (HFCE), slightly decelerated to 4.4 percent from 4.5 percent.
 
With the 6.8 percent GDP growth in the fourth quarter, per capita GDP, GNI, and HCFE rose to 5.1 percent from 2.3 percent, 3.7 percent from 2.8 percent, and 5.2 percent from 4.6 percent, respectively.
 
 
 
 
 
JOSE RAMON G. ALBERT
Secretary General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

Philippine Economy Grew by 3.7 percent in Q4 2011

Release Date:
Monday, January 30, 2012

Amidst the obstinate exogenous economic woes, the government underspending on infrastructure in the second and third quarters and the sustained decline in fishing, the domestic economy grew in 2011 by a relatively feeble 3.7 percent compared to 7.6 percent in 2010.  Net primary income declined by 0.9 percent pulling down GNI to a 2.6 percent annual growth from 8.2 percent last year.

The catch up government spending in the last quarter and the resilience of the services sector helped cushion the impact of the slowdown in the Eurozone, the creeping economic recovery of the US and the typhoons towards the end of the year as GDP grew by 3.7 percent in the fourth quarter from 6.1 percent in the same quarter last year.  From three consecutive quarters of decline, NPI recovered with 2.9 percent in the fourth quarter, nevertheless pulling down GNI growth to 3.5 percent from 5.6 percent.

On the demand side, growth of consumer spending doubled up to 6.1 percent during the year from 3.4 percent, but was not enough buffer for the decline in global trade and the moderated investments in fixed capital formation.  In the fourth quarter, the sustained household consumption with 6.7 percent growth and the huge recovery of construction at 11.4 percent were partly negated by the continued drop in exports and the reduced addition to inventory.

The seasonally adjusted GDP grew by 0.9 percent slightly better than 0.8 percent in the previous quarter while the seasonally adjusted GNI accelerated to 1.7 percent from 0.9 percent growth in the third quarter, providing some indication that in the first quarter of the year of the dragon, it will indeed be more fun for the Philippine economy.  Meanwhile, Agriculture, Hunting, Forestry and Fishing sector continues to face strong headwinds, declining anew by 1.2 percent from 3.7 percent in the previous quarter largely due to the contraction of Palay, Fishing, Other Crops and Corn.  On the other hand, Industry accelerated to 1.9 percent growth from 1.4 percent in the previous quarter due to the expansion of Construction and Manufacturing.  Services sector, however, decelerated to 0.7 percent from 1.4 percent caused by the slow paced growth of all subsectors except for Public Administration & Defense and Transportation, Storage & Communication.

With the weakened economic growth in 2011, per capita GDP slowed down to 1.8 percent from 5.6 percent in 2010.  Likewise, per capita GNI decelerated to 0.7 percent from 6.1 percent.  However, HFCE accelerated by 4.1 percent from 1.4 percent.

With the 3.7 percent GDP growth in the fourth quarter, per capita GDP decelerated to 1.8 percent from 4.1 percent while per capita GNI decelerated by 1.6 percent from 3.6 percent.  In contrast, HFCE grew by 4.8 percent from 2.9 percent.

 

 

 

ROMULO A. VIROLA

Secretary-General, NSCB

Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

Philippine Economy grows by 3.2 percent in Q3 2011

Release Date:
Monday, November 28, 2011

The domestic economy has decelerated for the third consecutive quarter from the 7.3 percent honey moon growth last year to 3.2 percent this year.  The so called death spiral of debt that hounds our trading partners, the uninvigorating, albeit already expanded government spending, and the decline in fishing due to unfavorable weather and the high cost of fuel contributed to this relatively lethargic growth. As almost always, the Services sector saved the domestic economy from posting an even lower growth. With the downwardly revised second quarter GDP estimate, this puts the growth for the first nine months of 2011 at 3.6 percent, quite a distance even from the lower end of the whole year target of 4.5 percent.

 
On the demand side, consumer spending bolstered growth but Construction continued to suffer from the much delayed implementation of the Public-Private Partnership program while Export of Goods really got hit by the global crisis, posting a double digit decline for the first time since the second quarter of 2009.
 
With the global economy facing grim and gloom, Net Primary Income declined by 3.4 percent cutting the growth of Gross National Income (GNI) from 6.9 percent to 1.6 percent.
 
On a seasonally adjusted basis, GDP grew by 0.3 percent while GNI grew at a faster pace of 0.4 percent in the third quarter from 0.1 percent in the second quarter of 2011.  The Agriculture, Hunting, Forestry and Fishery sector declined hugely by 3.9 percent while Industry rebounded to 0.3 percent from a decline of 4.2 percent in the previous quarter.  The modest performance of manufacturing weakly supported by Mining & Quarrying was negated by the contraction of Construction and the decline of Electricity Gas & Water.  On the other hand, Services sector recorded a 1.2 percent growth for the third quarter of 2011 from 2.8 percent in the previous quarter, as all subsectors recorded positive growth.
 
With projected population growing by 1.9 percent to 96.0 million, per capita GDP grew by 1.2 percent, per capita GNI declined by 0.3 percent while per capita HFCE grew by 5.1 percent.
 
 
 
 
 
ROMULO A. VIROLA
Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy decelerates with 3.4 percent GDP growth

Release Date:
Wednesday, August 31, 2011

Coming from a high base erected by election related expenditures last year, the domestic economy continued to decelerate, posting a 3.4 percent growth during the second quarter of 2011.  This is less than half the booming 8.9 percent growth in 2010.

 
While buffeted by headwinds from the European debt crisis and the fragile recovery of trading partners, the less than desirable growth benefited from the robust rebound of the agriculture sector, the sustained though slowing down performance of manufacturing and the balanced growth of the ever-resilient services sectors.
 
On the demand side, the growth came mainly from consumer spending as fixed capital formation particularly Construction has not really felt the promise of the Public and Private Partnership program, while external trade has been lackluster at best.
 
With the seething political turmoil in the Middle East and North Africa plus the economic uncertainties in western countries, Net Primary Income (NPI) (previously called NFIA) declined by 2.8 percent retarding the Gross National Income (GNI) from 9.2 percent the previous year to 1.9 percent its lowest growth during the last four years.
 
On a seasonally adjusted basis, GDP grew by 0.6 percent while GNI grew by a slower pace of 0.4 percent in the second quarter of 2011. 
 
With the rebound of Sugarcane, Corn, and Palay, the Agriculture, Hunting, Forestry and Fishery sector posted 2.2 percent growth in the second quarter from 1.8 percent in the first quarter of 2011.
 
Industry declined by 3.0 percent from a 3.1 percent gain in the previous quarter.  The strong performance of the manufacturing sector ably supported by Mining & Quarrying was negated by the huge contraction of Construction and the decline of Electricity Gas & Water. 
 
Services sector posted a 2.4 percent growth for the second quarter of 2011 from 1.3 percent in the previous quarter, as all subsectors recorded positive growth.
 
With projected population reaching 95.6 million, per capita GDP grew by 1.5 percent but per capita GNI stood still while per capita HFCE grew by 3.5 percent.
 
 
 
ROMULO A. VIROLA
Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine Economy post a modest 4.9 percent GDP growth

Release Date:
Monday, May 30, 2011

Underspending by the government and the slowdown in global trade constricted the economy to a lower growth in the now 2000-based GDP of 4.9 percent in the first quarter from the election stimulated 8.4 percent last year.  The industry driven growth benefited from the sustained growth of Manufacturing supported by Other Services, Real Estate, Renting and Business Activities, and the recovery of Agriculture but tempered by the lackluster trading activities and the second consecutive quarter of decline in Public Administration and Defense and Compulsory Social Security which used to be referred to as Government Services.

 
On the demand side, the growth came mainly from increased investments in fixed capital formation particularly durable equipment and Household spending.
 
As a result of the political crisis in the Middle East and North Africa, Net Primary Income (NPI) posted zero growth slowing down the Gross National Income (GNI) to 3.6 percent from 11.5 percent the previous year, partly also because of the peso appreciation.
 
On a seasonally adjusted basis, GDP grew by 1.9 percent while GNI grew at a slower pace of 0.9 percent in the first quarter of 2011 due to the slow down in NPI.  With the rebound of palay, sugarcane and corn, the Agriculture, Hunting, Forestry and Fishery sector posted 0.9 percent growth in the first quarter from 1.8 percent in the fourth quarter of 2010.  Industry grew by 3.2 percent from 2.1 percent gain in the previous quarter.  The strong performance of the manufacturing sector ably supported by Mining & Quarrying and Construction negated the contraction of Electricity Gas and Water.  Services sector likewise posted a 1.3 percent growth for the first quarter of 2010 after declining by 0.7 percent in the previous quarter, as all subsectors recorded positive growth except for Public Administration and Defense which was affected by the underspending by the government.
 
With projected population reaching 95.1 million, per capita GDP grew by 2.9 percent while Per capita GNI grew by 1.7 percent and per capita HFCE grew by 2.9 percent.
 
Total Exports, valued at P 735.4 billion pesos fell behind Total Imports valued at P 873.1 billion pesos at current prices, resulting to a trade deficit of 137.7 billion pesos.  The current trade deficit stood at 4.6 percent of GNI from last year’s 1.3 percent.
 
GNI Implicit Price Index (IPIN) stood at 160.6 percent from 154.2 percent in the previous year or a 4.1 percent inflation.
 
 
ROMULO A. VIROLA
Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter

Annual GDP Sizzled to its Highest Growth Rate in the Post Marcos Era at 7.3 Percent; Q4 2010 GDP grew by 7.1 percent

Release Date:
Monday, January 31, 2011

Despite the El Niño and the diminished government spending during the second semester, the domestic economy sizzled to its highest annual GDP growth in the post Marcos era of 7.3 percent in 2010 from 1.1 percent in 2009.  The global economic recovery which resulted in record growth rates of foreign trade and election related stimuli that combined for a record first semester growth, followed by the peaceful conduct of the national elections and the renewed trust in government contributed to an economic performance in 2010 that well surpassed the government’s target of 5.0 percent to 6.0 percent.  Industry and services sectors expanded strongly in the last quarter of 2010 while Agriculture recovered after four consecutive quarters of decline due to El Niño, pushing GDP to grow by 7.1 percent in Q4.

 
With the prevailing sanguine outlook of both business and consumers, the economic prospects for 2011 are indeed exciting.
 
On the demand side, increased consumer spending for the whole year buttressed by increased investments in Fixed Capital Formation posting its highest growth rate since 2000, particularly in Durable Equipment and sustained by the double digit growth in international trade contributed to the record GDP growth in 2010. 
 
Likewise, annual GNP accelerated by 7.2 percent from 4.0 percent last year in spite of the weakened growth in NFIA from 28.0 percent in 2009 to 6.0 percent.  For the fourth quarter, the continuing, though much decelerated demand for the services of our OFW’s caused NFIA to grow by 3.8 percent from 19.5 percent last year, pushing GNP growth to 6.7 percent from last year’s 4.1 percent.
 
The seasonally adjusted estimates show a surging Philippine economy as GDP jumped by 3.0 percent from a decline of 0.8 percent in the previous quarter while the seasonally adjusted GNP accelerated to 2.9 percent from 0.2 percent growth in the third quarter.
 
With the record pace of economic growth in 2010, per capita GDP rose by 5.3 percent from a decline of 0.9 percent in 2009.  Per capita GNP and per capita PCE likewise posted huge growths of 5.1 percent and 3.3 percent from 2.0 percent and 2.1 percent, respectively.
 
 
Growth of Major Economic Sectors
 
 
In 2010, Industry once again took the driver seat in boosting the economy with its huge 12.1 percent growth from a decline of 0.9 percent the previous year.  Services provided more than able support as it grew by 7.1 percent from 2.8 percent.  However, Agriculture, hounded by El Niño, posted a negative 0.5 percent from zero growth in 2009.
 
For the 4th quarter of 2010, Industry accelerated to 8.3 percent from 3.8 percent, almost sustaining its third quarter growth.  Services likewise accelerated, growing by 6.9 percent from 3.1 percent.  And AFF, after being battered for four consecutive quarters by abnormal weather conditions, rebounded by 5.4 percent from a decline of 2.9 percent.
 
Of the 7.3 percent growth in GDP for the whole year of 2010, 3.9 percentage points came from Industry and 3.5 percentage points came from Services while AFF pulled down the growth with negative 0.1 percentage point.
 
In the fourth quarter, the 7.1 percent growth in GDP came from Services, with 3.3 percentage points; Industry, 2.7 percentage point and AFF, 1.0 percentage point.
 
The seasonally adjusted AFF sector grew by 4.2 percent from a 1.0 percent growth in the previous quarter largely due to the growth in Palay and corn.  On the other hand, Industry rebounded to a 6.7 percent growth from a 5.9 percent decline in the previous quarter due to the expansion of Manufacturing and Mining & Quarrying.  Services sector, however, decelerated to 0.3 percent from 2.0 percent caused partly by two consecutive quarters of decline in Government Services.
 
On the demand side, all expenditure items registered accelerated growths in 2010 with Total Exports, Total Imports and Capital Formation rebounding to 25.6 percent, 20.7 percent and 17.0 percent from a decline of 13.4 percent, 1.9 percent and 5.7 percent, respectively.  Likewise, consumer spending accelerated to 5.3 percent from 4.1 percent.  However, government spending decelerated to 2.7 percent from 10.9 percent.
 
For the fourth quarter, all expenditure items likewise registered positive growths, except Government Consumption Expenditure which declined by 7.6 percent.  Personal Consumption Expenditure accelerated to 7.0 percent, the highest since the 8.4 percent growth recorded in the third quarter of 1988, from 5.0 percent in the same period last year.  Investments in Fixed Capital Formation grew robustly with 22.8 percent, the highest since the 27.3 percent of the fourth quarter 2000, from last year’s growth of 5.8 percent as a result of accelerated investments in Durable Equipment.  Total Exports expanded by 21.1 percent from a decline of 6.7 percent as both Merchandise Exports and Non Merchandise Exports posted robust growths.  And, Total imports accelerated to 21.8 percent from 6.8 percent in the previous year as both Merchandise Imports and Non Merchandise imports recorded double-digit growths.
 
 
 
 
ROMULO A. VIROLA
 
Secretary-General, NSCB
Tags:
National Accounts of the Philippines, NAP, NAP 4th Quarter

Investors and Consumers Confidence boost Economy to a 6.5 percent GDP growth

Release Date:
Thursday, November 25, 2010

With investors’ and consumers’ confidence soaring high in a regime of benign inflation, the domestic economy posted a GDP growth of 6.5 percent in the third quarter of 2010 from 0.2 percent the previous year.  The honeymoon Q3 growth for President Aquino is the highest when compared with 0.4 percent for President Ramos, negative 0.7 percent for President Estrada, and 1.3 percent and 5.6 percent for the first and second terms, respectively, of President Arroyo.

 
Services regained the driver seat as the prime mover of economic growth with the robust performances of Trade, Ownership of Dwelling and Real Estate, Private Services and Finance.  Industry failed to sustain its remarkable performance during the first semester even as Manufacturing continued its recovery in response to the improved domestic and external demand, and private sector-led Construction activities almost doubled from a year ago. The fourth consecutive quarter of El Niño-driven decline in Agriculture, the diminished spending by Government, and the substantial deceleration of Mining & Quarrying contributed to the slowdown in economic growth.
 
The decelerated but double digit growth in the Net Factor Income from Abroad at 13.7 percent pushed the Gross National Product to grow by 7.5 percent from 4.1 percent in 2009.
 
With the economic growth of the third quarter failing to match the robust performance during the preceding quarters, the seasonally adjusted estimate of the GDP declined by 0.5 percent compared to a 1.4 percent growth in the previous quarter.  However, the seasonally adjusted GNP continued to grow albeit at a slower rate of 1.2 percent from 1.8 percent in the second quarter of 2010.
 
The Agriculture, Fishery and Forestry sector grew by 0.3 percent from the second quarter on account of the growths posted by Poultry, Fishery, Other Crops, and Banana.
 
Coming from a seasonally adjusted growth of 3.0 percent in the second quarter, Industry declined by 4.4 percent as all subsectors failed to sustain their momentum after five consecutive quarter of positive growth.
 
Services sector, the driver of domestic growth during the third quarter, registered a 1.9 percent acceleration from 0.8 percent growth in the previous quarter.  Except for Government Services, all subsectors exhibited positive growths.
 
As population reached an estimated 94.24 million, growth of Per Capita GDP during the third quarter rebounded to 4.4 percent from negative 1.7 percent while Per Capita GNP grew by 5.5 percent from 2.1 percent.  Likewise, Per Capita PCE accelerated by 2.2 percent from 0.6 percent.   At current prices, the per capita GNP now stands at P25,400 or US$561.2 for the third quarter.
 
 
On the Demand side, consumers’ confidence coupled with the benign inflation resulted in higher household spending at 4.2 percent from 2.6 percent a year ago.  Food expenditures, which accounted for 54.1 percent of total PCE, posted a decelerated growth of 4.4 percent from 3.9 percent registered in 2009. 
 
With the government funds for infrastructure projects frontloaded in the first semester, Government Consumption Expenditure (GCE) reversed its growth by 6.1 percent from 12.1 percent.
 
With the strong performances of Durable Equipment, Construction and BSODA, investments in Fixed Capital Formation in the third quarter of 2010 grew by 13.4 percent from negative 0.1 percent.  Investments in Durable Equipment bubbled up to 16.4 percent from a decline of 3.5 percent a year ago as investment were dispensed to fourteen (14) out of the twenty (20) types of equipment.  The third quarter growth in the investments in durable equipment was the fourth consecutive double-digit growth.
 
The rebound of Private Construction, which accounted for almost 70 percent of total Construction, to 41.1 percent from negative 9.2 percent, paved the way for Construction to grow by 12.2 percent from 2.8 percent recorded last year. On the other hand, Public Construction went down by 24.0 percent from a growth of 23.3 percent due to the smaller funding requirement given frontloading of releases for public works projects during the first half of the year.
 
Total Exports bulged to 29.9 percent from a growth of negative 12.9 percent last year due mainly to the strong rebounds of both Merchandise Exports and Non Merchandise Exports.  Likewise, Total imports maintained its growth at 18.2 percent from negative 2.6 percent with the robust performances of both Total Merchandise Imports and Imports of Non Factor Services.  
 
Total Exports (Merchandise and Non-factor Services), valued at P870.5 billion pesos exceeded Total Imports (Merchandise and Non-factor Services), valued at P727.4 billion pesos at current prices, resulting in a trade surplus of 143.2 billion pesos.  In the same period of last year, trade balance posted a surplus of 25.1 billion pesos.  The current trade surplus is 0.3 percent of GNP compared to last year’s 0.06 percent.
 
The terms of trade during the quarter posted a trade index of 105.6 percent.  This was higher than the trade index of 100.9 percent a year ago.  Trading gains for the quarter amounted to 11,443 million pesos.
 
GNP Implicit Price Index (IPIN) stood at 553.6 percent from 538.3 percent in the previous year or 2.8 percent inflation.
 
 
 
 
ROMULO A. VIROLA
Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 3rd Quarter

Philippine Economy Posts a Scintillating 7.9 Percent GDP Growth

Release Date:
Thursday, August 26, 2010

Despite the El Niño phenomenon that scorched the Agriculture sector, a synergistic confluence of factors resulted in two consecutive quarters of GDP growth of over 7.0 percent.  The peaceful national elections, improved investors confidence especially among local investors, the global economic recovery, increased capital expenditure of government and a low base fueled the domestic economy to a scintillating 7.9 percent growth in the second quarter of 2010 from 1.2 percent last year.  The last time we experienced two consecutive quarters of more than 7 percent GDP growth was in the first and second quarters 2004 (7,2 percent and 7.1 percent, respectively), also preceding a presidential election.  Together with an upwardly revised first quarter GDP growth of 7.8 percent (from 7.3 percent), the first semester sizzled to a 7.9 percent GDP growth, the highest semestral growth since 9.3 percent in the second semester of 1988.

 
For the second consecutive quarter, the Industry sector strongly supported by Services was the main driver of economic growth. Manufacturing sustained its first quarter production in response to the improved domestic and external demand and was shored up by Construction, Trade, and Mining & Quarrying. 
 
On the demand side, increased consumer and government spending, increased investments in Construction and Durable Equipment, and the second consecutive quarter of immense growth in external trade contributed to the highest quarterly growth since the second quarter of 2007.
 
The continued inflow of compensation of our overseas workers sustained the NFIA, but at a much lower growth of 7.7 percent from 30.4 percent last year, pulling GNP growth to 7.9 percent from 4.4 percent in 2010.
 
For the first semester, GNP grew by 8.2 percent, its highest since 8.9 percent in the second semester of 1988.
 
However, removing the base effect and comparing 2010 with 2008 and 2008 with 2006, the first semester GDP growth from 2008 to 2010 is 8.8 percent, lower than the 11.6 percent first semester growth from 2006 to 2008.
 
The seasonally adjusted estimate of the GDP grew by 1.3 percent from 3.8 percent the previous quarter slowed down by the continuing decline of AFF.  The Agriculture, Fishery and Forestry sector declined by 0.2 percent while Industry, the main growth driver for two consecutive quarters, grew at a slower pace of 3.5 percent from 5.1 percent the previous quarter.  Services likewise decelerated to 0.4 percent from 4.4 percent. GNP slowed down as well to a 1.8 percent quarter on quarter growth from 2.0 percent.
 
Industry revved up the economy with a double-digit growth for the second consecutive quarter at 15.8 percent supported by Services which posted 6.4 percent while AFF declined by 3.0 percent for the third consecutive quarter.  For the first semester, Industry grew by 15.9 percent, the highest semestral growth ever.
 
As population reached an estimated 93.8 million, per capita GDP rebounded by 5.9 percent, the highest since the second quarter of 2007, from negative 0.8 percent in the previous year while per capita GNP accelerated to 5.8 percent from 2.4 percent.  On the other hand, Per capita PCE slowed down to 2.9 percent from 3.4 percent.  At current prices, the per capita GNP now stands at P49,532 or US$ 1,082 for the first semester.
 
On the expenditure side, consumer spending grew at slower pace of 4.9 percent from 5.5 percent in the previous year.
 
With continued disbursement for ongoing projects, increased provision for pro-poor programs and the additional requirements of the 2010 national automated elections, Government Consumption Expenditure (GCE) grew, albeit at a slower pace, by 5.6 percent from 11.9 percent
 
Investments in Fixed Capital Formation in the second quarter of 2010 rebounded to 25.5 percent from negative 0.3 percent boosted by increased investments in Durable Equipment and Construction.
 
Public Construction maintained its double-digit growth of 28.7 percent from 39.1 percent largely due to the carry-over disbursement for Ondoy rehabilitation and reconstruction activities and settlement of on-going and completed projects.  Likewise, Infrastructure investments by the private sector managed to reverse the growth of Private Construction to 13.8 percent from negative 4.9 percent resulting to the expansion of Construction by 22.5 percent from 16.6 percent.   Meanwhile, Investments in Durable Equipment rebounded to a roaring growth of 34.1 percent from negative 19.7 percent year ago as investments poured in to sixteen (16) out of the twenty (20) types of equipment.  The growth in the investments in durable equipment was the highest registered since the second quarter of 1994.
 
Total Exports soared to 27.4 percent, the highest since the third quarter of 1986, from negative 18.0 percent last year as Total Merchandise Exports rebounded while Non Merchandise Exports accelerated.  The country’s total merchandise exports rebounded to 30.2 percent, the highest ever, from negative 22.3 percent registered in 2009. On the other hand, Exports of Non-Factor Services accelerated to 17.2 percent in the second quarter of 2010 from 3.0 percent recorded last year.
 
Total imports rebounded to 23.9 percent from the negative 2.1 percent registered in the previous year, with robust performance from both Merchandise Imports and Non Merchandise Imports. Total Merchandise Imports rebounded to 25.3 percent from negative 2.1 percent posted last year. Likewise, Imports of non-factor services rebounded to 6.5 percent from negative 1.7 percent recorded in the second quarter of 2009.  
 
Total Exports (Merchandise and Non-factor Services), valued at P760.9 billion pesos fell behind Total Imports (Merchandise and Non-factor Services), valued at P771.8 billion pesos at current prices, resulting in a trade deficit of P10.9 billion. In the same period last year, trade balance posted a surplus of 16.5 billion pesos.  The current trade deficit is 0.5 percent of GNP compared to last year’s surplus of 0.8 percent.
 
The terms of trade during the quarter posted a trade index of 95.1 percent.  This was lower than the trade index of 102.0 percent a year ago.  Trading loss for the quarter amounted to 9,531 million pesos.
 
GNP Implicit Price Index (IPIN) stood at 541.9 percent from 520.6 percent in the previous year or 4.09 percent inflation.
 
 
 
 
 
ROMULO A. VIROLA
Secretary-General, NSCB
 
Tags:
National Accounts of the Philippines, NAP, NAP 2nd Quarter

Philippine economy booms with 7.3 percent GDP growth

Release Date:
Thursday, May 27, 2010

A glorious ending for the Arroyo administration and a beneficent beginning welcomes the Aquino administration as GDP boomed with a growth of 7.3 percent in the first quarter of 2010 from 0.5 percent last year. Except for Agriculture which was parched by the El Niño dry spell and the saturated communication subsector, all subsectors of the economy drew vigor from the global economic recovery, election related stimuli and the unbridled growth of income of our OFWs.  Manufacturing rebounded astoundingly, supported by hefty contributions from trade and private services, particularly recreational and business services. 

 
On the demand side, increased consumer and government spending boosted by the solid performance of external trade and increased investments in fixed capital formation contributed to the highest economic growth since the fourth quarter of 2000.
 
With the worst of the global crisis seemingly over, notwithstanding lingering concerns over the eurozone, the sustained strong demand for the services and expertise of Filipinos abroad contributed to the 24.9 percent growth of Net Factor Income from Abroad (NFIA) from 28.7 percent last year, pushing GNP to grow by 9.5 percent from 3.3 percent the previous year.  This is the highest GNP growth since the fourth quarter of 1988.
 
With the decline of palay, corn and sugarcane, the sseasonally adjusted Agriculture, Fishery and Forestry sector posted zero growth in the first quarter after declining by 2.8 percent in the fourth quarter of 2009.
 
Industry grew impressively by 3.8 percent from an already record 6.3 percent gain in the previous quarter.  The substantial rebound of the manufacturing sector contributed to the sustained growth of industry.
 
Services sector likewise posted a 3.6 percent growth for the first quarter of 2010 after declining by 0.1 percent in the previous quarter, as private services, trade and finance sub sectors posted substantively positive growths. 
 
With projected population reaching 93.3 million at a slower pace than the growth of the domestic economy, per capita GDP grew by 5.3 from a decline of 1.4 percent.  Per capita GNP grew by 7.4 percent from 1.3 percent while per capita PCE expanded by 3.9 percent from its year ago growth of 1.0 percent.
 
On the expenditure side, consumer spending continued to expand in the first quarter of 2010 to 5.9 percent from 3.0 percent last year.  Government Consumption Expenditure (GCE) grew by 18.5 percent, the highest ever recorded growth, from 6.1 percent documented last year.
 
Investments in fixed capital formation snowballed to 15.7 percent, the highest since the fourth quarter of 2000, from negative 7.4 percent in the same period last year. Total investments in Construction expanded by 8.2 percent from 6.5 percent while Investments in Durable Equipment rebounded to 25.0 percent from negative 18.5 percent a year ago.
 
Total Exports surged to 17.9 percent from negative 14.6 percent last year as Merchandise Exports registered double-digit growth in the first quarter of 2010.
 
Total imports grew by 20.3 percent from negative 11.2 percent in the previous year largely attributed to the positive performances of both Merchandise imports and Non Merchandise Imports.
 
The terms of trade during the quarter posted a Trade Index of 109.4 percent from 105.8 in 2009.  Trading gains f or the quarter amounted to 13.4 billion pesos.
 
GNP Implicit Price Index (IPIN) stood at 536.5 percent from 516.6 percent in the previous year or a 3.85 percent inflation.
 
 
 
ROMULO A. VIROLA
 
Secretary-General, NSCB
Tags:
National Accounts of the Philippines, NAP, NAP 1st Quarter