NSCB - 4th Quarter 2007 National Accounts - Sources of Revision as of January 2008

Revisions in Q3 2007 GDP/GNP estimates

Based on the Revision Policy approved by the NSCB Executive Board and consistent with the international practice on the revision of National Accounts, third quarter GDP growth was revised upward by 0.8 percentage point from 6.6 percent to 7.4 percent while GNP growth was revised upward by 0.6 percentage point from 8.2 percent to 8.8 percent.

Expenditure Accounts

Q3 2006 - 2007 Growth Rates	As of Nov. 2007	As of Jan. 2008	Change	Reasons for revisions
1. Personal Consumption Expenditure
Current				Availability of September data on imports, 90 days QSPBI posting of retail trade and updated production data.
Q3	8.4	8.7	0.3
Constant
Q3	5.6	6.0	0.3

2. Government Consumption Expenditure
Current				Updated data on government expenditures.
Q3	11.6	11.2	-0.4
Constant
Q3	8.3	6.7	-1.6

3. Capital Formation
Current
Q3	9.5	10.1	0.6
Constant
Q3	7.5	8.4	0.9

A. Fixed Capital
Current
Q3	11.3	11.6	0.4
Constant
Q3	8.9	9.2	0.2

1. Construction
Current				Due to updated (90 days QSPBI).
Q3	19.3	21.5	2.1
Constant
Q3	15.4	17.2	1.9

2. Durable Equipment
Current				Updated September 2007 imports data (FTS).Revisions in Manufacturing sector estimates.
Q3	2.9	1.5	-1.4
Constant
Q3	3.4	2.2	-1.3

3. Breeding Stocks & Orchard Dev't
Current				Due to revised/updated data from BAS & FMB.
Q3	7.4	6.7	-0.7
Constant
Q3	3.6	3.6	0.0

B. Change in Stocks
Current				Due to updated QSPBI 90 days for Q3 2007. Updated data on inventory from DOE and BAS.
Q3	3,639	4,140	501
Constant
Q3	899	1,225	326

4. Exports
Current
Q3	-4.9	-3.3	1.6
Constant
Q3	-4.9	0.7	5.6

A. Total Mdse Exports
Current				Revised data based on the press release of NSO updated Special Transactions from imports side and revised deflator for others.
Q3	-8.2	-8.9	-0.7
Constant
Q3	-7.5	-3.4	4.1

B. Non-Factor Services
Current				Revised BOP data for Q3 2007 and upadated on Tourist Receipts from DOT.
Q3	17.1	33.7	16.7
Constant
Q3	13.7	29.3	15.6

5. Imports
Current
Q3	-1.3	-1.6	-0.2
Constant
Q3	-6.3	-5.5	0.9

A. Total Mdse Imports
Current				Updated data for Sept. 2007.
Q3	-2.1	-2.2	-0.1
Constant
Q3	-7.9	-6.8	1.1

B. Non-Factor Services
Current				Revised BOP for Q3 2007.
Q3	14.3	10.9	-3.4
Constant
Q3	26.0	22.3	-3.7

6. NFIA
Current				Updated POEA data on sea-based deployment.
Q3	28.5	27.5	-0.9
Constant
Q3	25.2	24.2	-1.0

Production Accounts

Q3 2006 - 2007 Growth Rates	As of Nov. 2007	As of Jan. 2008	Change	Reasons for revisions
1. Agriculture, Fishery, Forestry
current				Updated/revised data of Q3 from BAS and FMB.
Q3	7.7	7.7	-0.1
constant
Q3	5.6	5.8	0.2

2. Industry
current
Q3	7.3	7.4	0.2
constant
Q3	6.1	6.6	0.4

a. Mining and Quarrying
current				Revised DOE data.
Q3	11.7	12.0	0.3
constant
Q3	21.8	22.2	0.4

b. Manufacturing
current				Updated data on MISSI, DOE & QSPBI.
Q3	5.1	5.0	-0.2
constant
Q3	3.3	3.7	0.3

c. Construction
current				Due to updated 90 days QSPBI.
Q3	19.5	21.6	2.1
constant
Q3	16.7	18.5	1.7

d. Electricity, Gas, Water
current				Revision due to 90 days QSPBI and MWCI data on billed volume and billed value for Q3 2007.
Q3	6.1	6.4	0.3
constant
Q3	8.5	8.4	-0.1

3. Services
current
Q3	10.2	11.2	1.0
constant
Q3	7.2	8.4	1.2

a. Transport., Comm., Storage
current				Updated 90 days QSPBI, updated data on international passenger from Cebu Pacific and September data from PAL.
Q3	6.1	5.1	-1.0
constant
Q3	6.4	5.8	-0.6

b. Trade
current				Updated QSPBI and Availability of September WPI
Q3	12.0	14.2	2.3
constant
Q3	8.2	10.9	2.6

c. Finance
current				Updated QSPBI data (90 days) and availability of Q3 WPI.
Q3	10.6	11.8	1.2
constant
Q3	7.9	9.0	1.1

d. O. Dwellings & R. Estate
current				Updated QSPBI data (90 days) and availability of additional FS.
Q3	7.2	7.2	-0.1
constant
Q3	6.9	6.9	-0.1

e. Private Services
current				Updated QSPBI data (90 days)
Q3	13.0	13.2	0.2
constant
Q3	8.5	8.7	0.2

f. Government Services
current				Updated data on compensation to include bonuses and other benefits.
Q3	7.5	10.2	2.6
constant
Q3	2.0	4.3	2.3

GROSS DOMESTIC PRODUCT
current
Q3	8.9	9.5	0.6
constant
Q3	6.6	7.4	0.8

GROSS NATIONAL PRODUCT
current
Q3	10.5	10.9	0.5
constant
Q3	8.2	8.8	0.6


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