NSCB - 1st Quarter 2010 National Accounts

First Quarter 2010
Gross National Product &
Gross Domestic Product by Industrial Origin

Services maintains growth

In the Services sector, Private Services recorded the fastest growth of 9.5% followed by: Trade, 8.5 percent; Finance, 6.3 percent; ODRE 5.0 percent; Government Services, 4.1 percent; and, Transport, Communication and Storage which slowed down to 0.7 percent.

Transport and Storage sustains growth of TCS

Transport and Storage impeded the downswing of Transportation, Communication and Storage (TCS) by posting a modest growth of 3.6 percent from 0.8 percent last year. TCS recorded a measly growth of 0.7 percent from 5.6 percent.

The deceleration of can be attributed to the reversal in growth of Communication subsector which declined by 1.3 percent from a growth of 9.2 percent and Water Transport subsector which further declined by negative 16.5 percent from negative 9.5 percent.

Meanwhile, the following subsectors contributed positively to the sector: Land Transport, 3.7 percent from 2.9 percent; Air Transport 12.5 percent from 2.5 percent; and, Storage, 12.3 percent from negative 2.4 percent

Trade rebounds

Trade rebounded to 8.5 percent from negative 1.0 percent recorded last year with the robust growth of 11.0 percent from 1.2 percent of Retail Trade. Likewise, the 0.4 percent turnaround growth from negative 7.4 percent of Wholesale Trade contributed to the rebound of the sector. The growth of Wholesale trade can be attributed to the significant increase in petrochemical sales with the increased economic activities of the industrial sector.

Finance posts gains

With the global financial crisis seemingly over, Financial Services grew by 6.3 percent from 1.2 percent with all its subsectors posting positive growths. Banks expanded by 7.1 percent from 3.8 percent; Non-Banks rebounded to 9.7 percent from negative 11.5 percent; and, Insurance was up by 1.2 percent from negative 4.9 percent.

Ownership of Dwellings continue to expand

Ownership of Dwellings and Real Estate (ODRE) continued to grow by 5.0 percent from 0.8 percent in the previous year. Ownership of Dwellings, which accounts for about 73 percent of ODRE, grew by 3.0 percent from 2.8 percent in 2009. On the other hand, Real Estate rebounded to 10.9 percent from negative 4.6 percent with the higher sales in residential projects and higher income from of business office spaces.

Recreational Services tops Private Services

With the heat generated by the May elections, Private Services posted a growth of 9.5 percent from 4.0 percent posted last year. The highest contributor to the growth of the sector was Recreational Services, which include the broadcasting media, with 31.4 percent from 1.3 percent.

The other contributors to the growth of the sector were: Business Services subsector, which includes the Business Process Outsourcing (BPO), 11.1 percent from 12.0 percent; Personal Services, which include laundry services, spas, beauty parlors and other related services, 6.0 percent from 3.2 percent; Hotel and Restaurants, 4.8 percent from 3.4 percent; Medical & Health, with a rebound of 2.7 percent from negative 1.4 percent; Other Services, which include waste collection/disposal and other sanitary and similar services, 9.5 percent from 1.9 percent; and, Educational Services 1.2 percent from negative 0.3 percent.

Government Services accelerates

Government Services accelerated to 4.1 percent from 2.0 percent posted the previous year due to the implementation of the first tranche of Salary Standardization Law III (SSL 3), payment of deficiency in additional incentives for teachers and the higher claims for retirement gratuity and terminal leave benefits of retired government employees.

GROSS VALUE ADDED in SERVICES
1st Quarter 2009 and 1st Quarter 2010
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

At Current Prices

INDUSTRY/INDUSTRY GROUP	1st Qtr 2009	1st Qtr 2010	Growth Rate (%)
SERVICE SECTOR	956,355	1,056,410	10.5
a. Transport., Comm., Stor.	128,435	132,218	2.9
b. Trade	226,024	252,923	11.9
c. Finance	112,629	124,799	10.8
d. O. Dwellings & R. Estate	104,680	112,064	7.1
e. Private Services	267,671	297,316	11.1
f. Government Services	116,915	137,090	17.3

At Constant 1985 Prices

INDUSTRY/INDUSTRY GROUP	1st Qtr 2009	1st Qtr 2010	Growth Rate (%)
SERVICE SECTOR	167,168	177,394	6.1
a. Transport., Comm., Stor.	32,311	32,542	0.7
b. Trade	50,048	54,283	8.5
c. Finance	22,812	24,244	6.3
d. O. Dwellings & R. Estate	16,464	17,287	5.0
e. Private Services	30,418	33,301	9.5
f. Government Services	15,114	15,737	4.1

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	3,959,102	4,221,702	6.6	693,176	712,486	2.8
a. Transport., Comm., Stor.	508,828	514,266	1.1	125,814	126,530	0.6
b. Trade	1,088,198	1,115,432	2.5	236,705	239,119	1.0
c. Finance	404,860	443,521	9.5	83,356	88,305	5.9
d. O. Dwellings & R. Estate	413,108	426,150	3.2	66,922	66,746	-0.3
e. Private Services	1,036,916	1,147,890	10.7	122,024	129,860	6.4
f. Government Services	507,191	574,442	13.3	58,355	61,926	6.1

Source: National Statistical Coordination Board (NSCB)

Posted 27 May 2010.


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