Gross Domestic Product by Income

The Philippine Gross Domestic Product (GDP) in 2020 registered a value     of PhP 17.94 trillion at current prices. It declined by -8.1 percent during the said period.

Among the factors of production, the Gross operating surplus recorded the highest share to the total economy in 2020 at 58.4 percent. This was followed by Compensation of employees at 34.9 percent and Taxes less subsidies on production and imports at 6.7 percent. (Table A and Figure 1)
 

Figure 1. Share of Gross Value Added components to the total economy,
2018 to 2020, At Current Prices

GDP by institutional sectors

Households including Non-profit institutions serving households (NPISHs) sector’s share of Gross operating surplus to the Gross Value Added (GVA) was also the highest with 72.5 percent in 2020. Similarly, the Gross operating surplus of Financial sector and Non-financial sector shared the biggest with 61.9 percent and 57.8 percent of their GVA, respectively.

Meanwhile in the General government sector, the Compensation of employees had the highest share with 91.8 percent, which grew by
7.3 percent during the said period. (Table J and Figure 2)
 

Figure 2. Percent share of factors of production by institutional sector,
2020, At Current Prices

 

 

Gross National Disposable Income

The country’s Gross national disposable income was valued at PhP 20.65 trillion at current prices, registering a -9.7 percent contraction in 2020. The Gross operating surplus from resident producers had the highest share to the national disposable income with 50.7 percent which was valued at PhP 10.48 trillion. This was followed by Compensation of employees, Net current transfers from the rest of the world (ROW), and Taxes less subsidies on production and on imports which valued at
PhP 7.80 trillion, PhP 1.33 trillion, and PhP 1.21 trillion, respectively.
 

Figure 3. National Disposable Income,
2018 to 2020, At Current Prices

On the use of National disposable income, Household final consumption expenditure was the largest component with a share of 65.3 percent, followed by Gross saving (21.5 percent) and Government final consumption expenditure (13.3 percent). (Table B)

Gross National Saving 

The country’s total saving reached PhP 4.43 trillion, recording a decline of -27.9 percent. It was lower compared with the recorded total saving in the previous years of PhP 6.15 trillion in 2019 and PhP 6.13 trillion in 2018. (Table C and Figure 4)
 

Figure 4. Gross National Saving,
2018 to 2020, At Current Prices

In terms of the gross saving by institutional sector, all sectors posted a saving in 2020 except for the General government. The Non-financial corporations, Financial corporations, and Households including NPISHs gross savings were recorded at PhP 3.80 trillion,  PhP 1.43 trillion, and PhP 0.21 trillion, respectively. Meanwhile, the General government recorded a dissaving of PhP 1.01 trillion. (Table C and Figure 5)
 

Figure 5. Gross Saving by institutional sector,
2018 to 2020 Levels, At Current Prices