NSCB - 4th Quarter 2007 National Accounts

Fourth Quarter 2007
Gross National Product &
Gross Domestic Product by Expenditure Shares

Fixed Capital Formation shoots up

For the fourth quarter of 2007, investments in Fixed Capital Formation surge to 10.3 percent growth from last year’s growth of 2.2 percent, as a result of the impressive growth of sub-sectors.

Investments in Construction expand

In the fourth quarter, Construction grew by 17.6 percent from 5.7 percent largely due to the hike in the national government’s capital expenditures and capital transfer to LGU’s resulting to the growth of 33.4 percent in the public construction from 39.6 percent in the previous year. On the other hand, investments in private construction rebounded to 7.4 percent from negative 8.7 percent in 2006.

Investments in Durable Equipment bounces back

Durable Equipment continued to post positive growth in 2007 with 4.9 percent in the fourth quarter from negative 0.5 percent the same period last year due to significant investment on Water Transport and Metal Working Machineries.

Road Transport, which posted a slower growth of 12.3 percent in the fourth quarter of 2007 from 87.1 percent the same period last year was the leading contributor to growth in the sector. Meanwhile, turnaround growth were experienced by the following: Metal Working Machineries, surged to 107.5 percent from negative 37.9 percent; Aircon and Refrigeration Equipment, soared to 43.4 percent from negative 38.6 percent; and, Other special industrial machineries, shoot up to 13.0 percent from negative 21.7 percent. Likewise, Other Miscellaneous Durable Equipment grew by 6.1 percent from 46.7 percent while Office Machines and Data Processing, expanded to 7.5 percent from negative 22.1 percent.

On the other hand, decline in investments during the period was recorded in the following: Telecommunications and Sound Recording/Reporting Equipment, which suffered a reversal to negative 17.6 percent from positive 17.6 percent; Textile Machineries, which slipped further to negative 35.5 percent from negative 29.7 percent; Air Transport, up to a lower negative 12.1 percent from negative 65.0 percent; Railway Transport, dived to negative 99.2 from a staggering growth of 2444.6 percent; and, Sugarmill Machineries, plunged to negative 75.9 percent from a huge growth of 1023.6 percent

Investments in Breeding Stocks, Orchard Development and Afforestation accelerates

Capital formation for the combined Breeding Stocks, Orchard Development and Afforestation for the fourth quarter of 2007 accelerated to 5.2 percent from a growth of 0.8 percent in 2006, as expenditures on orchard development and breeding stock increased during the period.

Agriculture remains major contributor to the accumulation in Stocks

Total additions to stocks in the fourth quarter of 2007 amounted to P8.2 billion compared to the P5.1 billion. This was largely attributed to the huge additions in stocks of rice.

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
4th Quarter 2007 and 4th Quarter 2006
AT CURRENT PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	Q4 2006	Q4 2007	Growth Rate (%)
Capital Formation	235,697	282,970	20.1
A. Fixed Capital	217,153	250,895	15.5
1. Construction	102,742	126,058	22.7
2. Durable Equipment	90,075	97,986	8.8
3. Breeding Stock & Orchard Dev't	24,337	26,850	10.3
B. Changes in Stocks	18,544	32,075

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
4th Quarter 2007 and 4th Quarter 2006
AT CONSTANT 1985 PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	Q4 2006	Q4 2007	Growth Rate (%)
Capital Formation	58,594	67,198	14.7
A. Fixed Capital	53,521	59,045	10.3
1. Construction	22,710	26,716	17.6
2. Durable Equipment	25,689	26,942	4.9
3. Breeding Stock & Orchard Dev't	5,122	5,387	5.2
B. Changes in Stocks	5,072	8,152

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
Annual 2007 and 2006
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	AT CURRENT PRICES			AT CONSTANT PRICES
TYPE OF EXPENDITURE	2006	2007	Growth Rate (%)	2006	2007	Growth Rate (%)
Capital Formation	864,531	980,002	13.4	219,286	239,667	9.3
A. Fixed Capital	834,415	947,277	13.5	212,276	232,493	9.5
1. Construction	407,017	500,870	23.1	92,308	108,969	18.0
2. Durable Equipment	355,110	367,554	3.5	103,446	106,238	2.7
3. Breeding Stock & Orchard Dev't	72,288	78,854	9.1	16,522	17,286	4.6
B. Changes in Stocks	30,116	32,724		7,011	7,175

Source: National Statistical Coordination Board (NSCB)

Posted 31 January 2008.


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