Gross Domestic Product by Income

The country’s Gross Domestic Product (GDP) in 2021 registered a value of PhP 19.41 trillion at current prices, growing by 8.1 percent during the period.

Among the factors of production, the Gross operating surplus recorded the highest share to the total economy in 2021 with 55.7 percent. This was followed by Compensation of employees with 36.7 percent, and Taxes less subsidies on production and on imports with 7.6 percent. (Table A and Figure 1)

Figure 1. Share of Gross Value Added Components to GDP,
2019 to 2021, At Current Prices

GDP by institutional sectors

Gross operating surplus had the highest share among the factors of production of Households including Non-profit institutions serving households (NPISHs), Non-financial, and Financial sectors with 71.9 percent, 61.3 percent and 53.3 percent, respectively.

Meanwhile, the Compensation of employees had the highest share among the factors of production of General government with 92.4 percent. (Table J and Figure 2)

Figure 2. Percent Share of Factors of Production by Institutional Sector,
2021, At Current Prices

Gross National Disposable Income

The country’s Gross national disposable income in 2021 was valued at PhP 21.51 trillion at current prices, which grew by 4.2 percent. (Figure 3)

The Gross operating surplus from resident producers had the highest share to the National disposable income which was valued at PhP 10.82 trillion. This was followed by Compensation of employees, Taxes less subsidies on production and on imports, and Net current transfers from rest of the world (ROW) which were valued at PhP 8.02 trillion, PhP 1.47 trillion, and PhP 1.41 trillion, respectively.

Meanwhile, Net property income was recorded at PhP -0.21 trillion during the said period. (Table B)

Figure 3. National Disposable Income,
2019 to 2021, At Current Prices

Gross National Saving

The country’s total saving reached PhP 3.88 trillion, recording a decline of -12.4 percent in 2021. It was lower compared with the recorded total saving in the previous years of PhP 4.43 trillion in 2020 and PhP 6.15 trillion in 2019. (Table B and Figure 4)

Figure 4. Gross National Saving,
2019 to 2021, At Current Prices

In terms of the gross saving by institutional sector, the gross savings of Non-financial corporations and Financial corporations were recorded at PhP 3.54 trillion and PhP 1.46 trillion, respectively. Meanwhile, the General government and Households including NPISHs recorded dissaving of PhP -0.49 trillion and -0.62 trillion, respectively. (Table C and Figure 5)

Figure 5. Gross Saving by institutional sector,
2019 to 2021 Levels, At Current Prices