NSCB - 4th Quarter 2009 National Accounts

Fourth Quarter 2009
Gross National Product &
Gross Domestic Product by Industrial Origin

Services still the lead contributor to GDP

Services, with a share of 43.4 percent of total GDP, contributed the most to GDP growth with 4.2 percentage points. Major contributors to the sector’s growth were Trade, Finance, Private Services and Transportation, Communication & Storage.

Communications sustains growth of TCS

Transportation, Communication and Storage recorded a modest growth of 1.9 percent in the fourth quarter of 2009 from 4.5 percent in the same period last year.

Communications, the leading contributor to TCS growth, posted a slower growth of 3.7 percent from 7.8 percent in the previous year, as consumer demand for communication services slackened.

Transport and Storage further declined by 0.9 percent in the fourth quarter of 2009 from negative 0.5 percent in the same period last year. Water Transport and Storage & Services Incidental to Transport (SSIT) pulled down the growth of the sector with negative 22.0 percent from a growth of 4.7 percent and negative 0.9 percent from negative 2.3 percent, respectively.

The modest growth of 3.4 percent from 5.3 percent and 1.5 percent from negative 1.0 percent posted by Air and Land Transport, respectively were not enough to cushion the fall of the subsector.

Trade posts modest growth

Trade Services posted a modest growth of 3.5 percent from an almost nil growth in the same period last year. Retail Trade, which comprises the bulk of total Trade, rebounded to 10.2 percent from negative 0.4 percent while Wholesale Trade declined by 16.0 percent, the lowest since the third quarter of 1991, from a growth of 1.2 percent in 2008.

Finance rebounds

Financial Services rebounded to 11.0 percent in the fourth quarter of 2009 from a decline of 4.6 percent in the previous year as all its subsectors posted positive growth.

Banks expanded by 13.1 percent from negative 0.8 percent; Non Banks grew by 10.5 percent from negative 16.9 percent; and, Insurance, was up by 4.4 percent growth from negative 9.7 percent.

ODRE posts cautious growth

Ownership of Dwellings and Real Estate (ODRE) recorded a meager growth of 0.3 percent in the fourth quarter of 2009 from 1.7 percent in the previous year.
Ownership of Dwellings which accounts for about 74.2 percent of ODRE, grew by 2.9 percent from 2.5 percent the previous quarter.

Real Estate further declined by 6.6 percent from negative 0.4 percent.

Recreation revs up Private Services

Private Services accelerated to 6.1 percent in the fourth quarter of 2009 from 2.4 percent growth in 2008. Recreational Services, was the top contributor to the growth of the sector with a double-digit growth of 22.8 percent from 3.2 percent.

The other sub-sectors that contributed to the growth of Private Services were: Personal Services, which include laundry services, spas, beauty parlors and other related services, grew by 6.0 percent from 3.6 percent; Medical and Health Services, up by 4.9 percent from negative 3.8 percent; Hotels and Restaurants, 3.7 percent from 3.9 percent; Educational Services, turned around to 3.7 percent from negative 2.9 percent; and, Other Services, up by 8.8 percent from 2.5 percent.

On the other hand, Business Services, which includes the Business Process Outsourcing (BPO), pulled down the growth of the sector with its decline of 0.6 percent from a growth of 5.8 percent.

Government Services continue to grow

Government services grew by 3.4 percent during the fourth quarter 2009 from 6.2 percent in the previous year due to the creation of new government positions particularly teaching/non teaching as wells as fire/police officer positions. The increase was due to the implementation of the Salary Standardization Law III (SSL 3) which became effective last July 1, 2009.

GROSS VALUE ADDED in SERVICES
4th Quarter 2008 and 4th Quarter 2009
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

At Current Prices

INDUSTRY/INDUSTRY GROUP	4th Qtr 2008	4th Qtr 2009	Growth Rate (%)
SERVICE SECTOR	1,082,368	1,168,254	7.9
a. Transport., Comm., Stor.	137,327	140,031	2.0
b. Trade	323,729	350,004	8.1
c. Finance	99,433	113,577	14.2
d. O. Dwellings & R. Estate	101,992	105,239	3.2
e. Private Services	273,672	295,562	8.0
f. Government Services	146,214	163,840	12.1

At Constant 1985 Prices

INDUSTRY/INDUSTRY GROUP	4th Qtr 2008	4th Qtr 2009	Growth Rate (%)
SERVICE SECTOR	187,236	195,061	4.2
a. Transport., Comm., Stor.	34,854	35,531	1.9
b. Trade	69,829	72,292	3.5
c. Finance	20,076	22,275	11.0
d. O. Dwellings & R. Estate	16,205	16,254	0.3
e. Private Services	31,778	33,716	6.1
f. Government Services	14,493	14,992	3.4

GROSS VALUE ADDED in SERVICES
Annual 2008 and 2009
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

INDUSTRY/ INDUSTRY GROUP	AT CURRENT PRICES			AT CONSTANT PRICES
INDUSTRY/ INDUSTRY GROUP	2008	2009	Growth Rate (%)	2008	2009	Growth Rate (%)
SERVICE SECTOR	3,971,031	4,229,402	6.5	694,529	716,621	3.2
a. Transport., Comm., Stor.	508,828	519,680	2.1	125,814	128,121	1.8
b. Trade	1,088,198	1,144,936	5.2	236,705	243,537	2.9
c. Finance	404,860	448,624	10.8	83,356	89,305	7.1
d. O. Dwellings & R. Estate	412,646	423,208	2.6	66,853	66,197	-1.0
e. Private Services	1,036,916	1,112,746	7.3	122,024	126,691	3.8
f. Government Services	519,583	580,208	11.7	59,778	62,770	5.0

Source: National Statistical Coordination Board (NSCB).

Posted: 28 January 2010.