NSCB - 1st Quarter 2009 National Accounts

First Quarter 2009
Gross National Product &
Gross Domestic Product by Expenditure Shares

Investments in Fixed Capital Formation falls

Investments in Fixed Capital Formation in the first quarter of 2009 plunged to negative 5.7 percent from a growth of 3.0 percent in the same period last year.

Investments in Private Construction expands

Increased investments in residential assets boosted Private Construction to a double-digit growth of 17.3 percent from negative 0.2 percent in 2008. Private construction caused Construction to rebound from negative 4.1 percent the previous year to 9.9 percent.

On the other hand, infrastructure investments by the government managed to improve Public Construction to a lower negative 4.4 percent from negative 10.9 percent.

Investments in Durable Equipment slips

Investments in Durable Equipment plunged to negative 17.9 percent from a growth of 9.6 percent a year ago. The decline in the investments in durable equipment was the highest decline registered since the fourth quarter of 1998. Decreased investments were registered in fourteen (14) out of the twenty (20) types of equipment.

The declines in investments during the period were recorded in the following: Telecommunications and Sound Recording/Reproducing Equipment, negative 32.5 percent from a growth of 1.9 percent; Other Special Industrial Machinery, negative 19.2 percent from a growth of 4.0 percent; Road Vehicles, negative 11.8 percent from 33.1 percent; Water Transport Equipment, negative 89.0 percent from 64.6 percent; and, Office Machine and Data Processing Equipment, negative 22.0 percent from 14.7 percent.

Meanwhile, expansions were noted in the following sub sectors: Other Electrical Machinery and Apparatus, 12.6 percent from 97.1 percent; Air Transport 58.3 percent from 31.9 percent; Textile Machinery, 10.4 percent from negative 25.5 percent; Railway Transport, 126.4 percent from negative 56.1 percent; and, Sawmill & Logging Machinery, 18.2 percent from negative 14.3 percent.

Investments in Breeding Stocks, Orchard Development and Afforestation accelerates

Capital formation for the combined Breeding Stocks, Orchard Development and Afforestation for the first quarter of 2009 rebounded from negative 2.3 percent to 1.2 percent as expenditures in Breeding Stocks and Afforestations increased during the period.

Stocks Decreases

Total withdrawal in stock for the first quarter of 2009 amounted to P 3,423.7 million compared to the P 3,940.1 million in the previous year. Additions in stocks for agriculture and government were not enough to supplant the significant withdrawals in stocks for establishment and crude & petroleum.

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
1st Quarter 2008 and 1st Quarter 2009
AT CURRENT PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	1st Qtr 2008	1st Qtr 2009	Growth Rate (%)
3. Capital Formation	253,172	252,561	-0.2
A. Fixed Capital	234,376	260,393	11.1
1. Construction	118,327	145,449	22.9
2. Durable Equipment	98,015	88,014	-10.2
3. Breeding Stock & Orchard Dev't	18,035	26,930	49.3
B. Changes in Stocks	18,795	-7,832

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
1st Quarter 2008 and 1st Quarter 2009
AT CONSTANT 1985 PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	1st Qtr 2008	1st Qtr 2009	Growth Rate (%)
3. Capital Formation	66,027	55,142	-16.5
A. Fixed Capital	62,087	58,566	-5.7
1. Construction	24,261	26,665	9.9
2. Durable Equipment	33,364	27,387	-17.9
3. Breeding Stock & Orchard Dev't	4,462	4,514	1.2
B. Changes in Stocks	3,940	-3,424

GROSS DOMESTIC CAPITAL FORMATION BY TYPE
Annual 2008 and 2007
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

TYPE OF EXPENDITURE	AT CURRENT PRICES			AT CONSTANT PRICES
TYPE OF EXPENDITURE	2007	2008	Growth Rate (%)	2007	2008	Growth Rate (%)
Capital Formation	1,022,446	1,131,490	10.7	252,018	256,244	1.7
A. Fixed Capital	977,240	1,089,728	11.5	241,107	248,094	2.9
1. Construction	516,415	597,189	15.6	112,420	117,551	4.6
2. Durable Equipment	381,935	390,557	2.3	111,412	113,536	1.9
3. Breeding Stock & Orchard Dev't	78,889	101,982	29.3	17,275	17,008	-1.5
B. Changes in Stocks	45,206	41,762		10,911	8,150

Source: National Statistical Coordination Board (NSCB)

Posted 28 May 2009


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