NSCB - 1st Quarter 2008 National Accounts

First Quarter 2008
Gross National Product &
Gross Domestic Product by Expenditure Shares

Investments in Fixed Capital Formation decelerates

Investments in Fixed Capital Formation in the first quarter of 2008 grew by 7.3 percent from 8.7 percent in the same period last year.

Investments in Construction grow at a slower pace

Increased investments in residential assets sustained the double-digit growth of Private Construction to 15.1 percent from 21.3 percent in 2007.

On the other hand, Public construction after posting positive growths for the last two years slipped to negative 9.5 percent from 18.9 percent the previous year slowing down the growth of total investment in construction by 6.1 percent from 20.4 percent the previous year.

Investments in Durable Equipment on the upswing

Investments in Durable Equipment improved to 8.2 percent from 4.3 percent a year ago. Increased investments were registered in thirteen (13) out of the twenty (20) types of equipment.

Significant expansions in investments were noted in the following sub-sectors: Sugarmill Machineries, soared by 5,067.4 percent from negative 91.7 percent; Other Electrical Machinery and Apparatus, up by 93.2 percent from negative 40.3 percent; Water Transport, grew by 64.6 from 438.4 percent; and, agricultural Machineries, up by 35.4 from negative 27.5 percent.

Meanwhile, decline in investments during the period were recorded in the following: Railway Transport, plunged to negative 56.1 percent from 301.0 percent; Metal Working Machineries, slipped further to negative 27.4 percent from negative 12.0 percent; Textile Machineries, down by 24.8 percent from 13.2 percent; Other Industrial General Machineries, down by 20.9 from a growth of 15.3 percent; and Sawmill and Logging Machineries declined to negative 16.7 percent from 35.5 percent.

Investments in Breeding Stocks, Orchard Development and Afforestation fall

Capital formation for the combined Breeding Stocks, Orchard Development and Afforestation for the first quarter of 2008 suffered a reversal with negative 1.5 percent from a growth of 2.0 percent in 2007.

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
1st Quarter 2007 and 1st Quarter 2008
AT CURRENT PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	1st Qtr 2007	1st Qtr 2008	Growth Rate (%)
3. Capital Formation	236,407	253,350	7.2
A. Fixed Capital	226,341	242,448	7.1
1. Construction	118,283	126,771	7.2
2. Durable Equipment	90,668	97,646	7.7
3. Breeding Stock & Orchard Dev't	17,390	18,031	3.7
B. Changes in Stocks	10,066	10,902

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
1st Quarter 2007 and 1st Quarter 2008
AT CONSTANT 1985 PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	1st Qtr 2007	1st Qtr 2008	Growth Rate (%)
3. Capital Formation	61,815	66,356	7.3
A. Fixed Capital	60,308	64,261	6.6
1. Construction	25,348	26,887	6.1
2. Durable Equipment	30,439	32,921	8.2
3. Breeding Stock & Orchard Dev't	4,520	4,454	-1.5
B. Changes in Stocks	1,507	2,094

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	874,583	1,013,941	15.9	224,105	249,121	11.2
A. Fixed Capital	845,882	985,499	16.5	217,305	242,890	11.8
1. Construction	415,244	524,877	26.4	94,188	114,266	21.3
2. Durable Equipment	358,265	381,935	6.6	106,641	111,412	4.5
3. Breeding Stock & Orchard Dev't	72,373	78,666	8.7	16,476	17,212	4.5
B. Changes in Stocks	28,701	28,442		6,800	6,231

Source: National Statistical Coordination Board (NSCB)

Posted 29 May 2008.