Gross Domestic Product by Income

In 2023, the country’s Gross Domestic Product (GDP) reached PhP 24.32 trillion at current prices, reflecting a growth of 10.4 percent for the year.

Among the factors of production, the Gross operating surplus had the largest share to the total economy in 2023 at 57.3 percent. It was followed by Compensation of employees, which accounted for 35.5 percent, and Taxes less subsidies on production and on imports with 7.2 percent share. (Table J and Figure 1)

Figure 1. Percent share of gross value added components
to the total economy, 2021 to 2023, At Current Prices

 Source: Philippine Statistics Authority

Factor Shares by Institutional Sector

The share of Gross operating surplus to the Gross Value Added (GVA) recorded the highest among the components for the Households including Non-profit institutions serving households (NPISHs), Financial corporations, and Non-financial corporations with 72.6 percent, 62.2 percent, and 55.1 percent, respectively. Meanwhile, for the General government, the Compensation of employees had the highest share with 91.6 percent. (Table J and Figure 2)

Figure 2. Percent share of factors of production to the 
gross value added by institutional sector, 
2023, At Current Prices

Source: Philippine Statistics Authority

Gross National Disposable Income

The country’s Gross national disposable income in 2023 was valued at PhP 28.67 trillion at current prices, a 15.0 percent increase from the previous year. (Figure 3)  

The Gross operating surplus from resident producers, which was valued at PhP 13.94 trillion, had the highest share to the National disposable income with 48.6 percent. This was followed by Compensation of employees, Taxes less subsidies on production and on imports, and Net current transfers to the Rest of the World (ROW), which were valued at PhP 11.45 trillion, PhP 1.74 trillion, and PhP 1.68 trillion, respectively. 

Meanwhile, Net property income was recorded at PhP -148.89 billion during the said period. (Table B)

Figure 3. National disposable income,
2021 to 2023, At Current Prices

Source: Philippine Statistics Authority

Gross National Saving

The country’s total saving reached PhP 6.60 trillion in 2023. This was an increase from the total saving in the previous years of PhP 4.89 trillion in 2022 and PhP 3.87 trillion in 2021. (Table B and Figure 4)

Figure 4. Gross national saving,
2021 to 2023, At Current Prices


Source: Philippine Statistics Authority

After three years of posting negative levels of saving, Households including Non-profit Institutions Serving Households and the General government registered savings of PhP 219.41 billion and PhP 152.26 billion, respectively. Likewise, Non-financial corporations comprised the highest gross saving with PhP 4.52 trillion, followed by Financial corporations with PhP 1.71 trillion. (Table C and Figure 5)

Figure 5. Gross saving by institutional sector,
2021 to 2023 Levels, At Current Prices

 
Source: Philippine Statistics Authority